Copper Range is the holder of 9 tenements covering 2,365 square kilometres in the prospective Olympic Domain district of South Australia.
According to the ASX Announcement by Antares, the agreement will see Forte Energy pay the fee within 14 days and provide 100% of funding for the project until a decision to mine is made.
“In the lead up to the decision to complete the transaction, the Board explored opportunities to obtain further financing to allow Copper Range to exploit the assets on its own. However, given the market conditions of recent times and the general lack of support for exploration projects and the Company’s dire financial circumstances, the Board recognised that a sale of the assets was the only remaining alternative,” reads the announcement.
“Given this, the Board believes that a full cash sale with a substantial fee carried interest in a good outcome for the Company in the long run. Following the completion of the transaction, the Company will be actively looking for alternative assets that can be acquired to provide shareholder value. Further announcements in this regard will be made in due course.”
Antares Mining also announced that Dr Nicholas Lindsay has resigned from the Board of Directors due to the reduction in the company’s exploration assets.