VVV Resources Limited: Conditional Share Purchase Agreement
Announcement provided byVVV Resources Limited · VVV
VVV Resources Limited (VVV)
24 March 2022
VVV Resources Limited
("VVV" or the "Company")
Conditional Share Purchase Agreement
VVV Resources Limited (AQSE: VVV), quoted on the AQSE Growth Market, is pleased to announce that it has signed a conditional Share Purchase Agreement with CASS FZE (a private company incorporated and registered in the
The Share Purchase Agreement is subject to various conditions precedent being met by the vendors for completion.
The consideration payable will be
Commenting on the conditional Share Purchase Agreement, Mahesh Pulandaran, Executive Director of VVV Resources Limited, "the acquisition of AVRL takes our ownership in Shangri La polymetallic project to 100% and expands our portfolio with a large and exciting historic copper project in
About the Mitterberg Copper Project (
The Mitterberg copper project is located approximately 60 km south of
Mitterberg is considered as the largest copper deposit of the Eastern Alps. Copper mining at Mitterberg started in prehistoric times. Modern mining started again around 1830 and ceased in 1977 when the mine was shut down as a consequence of low copper prices. According to estimations, more than 120,000 tonnes of copper metal have been extracted from the Mitterberg deposit in the past. In the 1970s, annual production rates of approximately 200,000 tonnes of ore with an average grade of 1.4% Cu have been reported.
In November 2021, 40 rock samples were collected from various tailings within the project area and sent to ALS Labs in
About the Shangri La Polymetallic Base metal Project (W.
The Shangri La project is a polymetallic hydrothermal quartz vein type deposit covering an area of 10 hectares, located just 10 kilometers west of Kununurra, the central town of the Northeast Kimberley region in
Mineralisation also occurs near a major quartz-filled fault zone, the Silver Hills Fault. The mineralised veins contain galena, sphalerite, chalcopyrite, bornite and tetrahedrite where fresh and cerussite, anglesite, chrysocolla, azurite, chalcocite and covellite where oxidized. At Shangri La there are six en echelon mineralised quartz veins in Hart Dolerite striking WNW. The veins can be traced for up to 300m. Acmex Holdings NL, Conwest Australia NL and other parties, have historically drilled and mined the deposit in two open cuts. Some 1,450m of wagon drilling was carried out and ore was reported to have been intersected to a depth of 80m. One drill hole intercepted 435 g/t gold at a depth of 25m. A non-JORC compliant resource of 34,500 tonnes was estimated at Shangri La averaging 7.6% lead, 301.69 g/t silver and 5.59 g/t gold distributed in three ore shoots.
The Directors of the Company accept responsibility for the contents of this announcement.
For further information please contact:
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