RNI NL has completed the second payment to Ascidian Prospecting for the purchase of 100% of the Doolgunna copper-gold project in Western Australia’s Bryah Basin.
The payment involved a cash consideration of $550,000 and the issue to Ascidian of 15,593,000 RNI shares. To close the transaction, RNI is required to make a final payment of $300,000 and to issue a further $400 in RNI shares on or before 7 Jul 2017.
The Doolgunna Project (E52/2438) is located between the high-grade DeGrussa and Monty volcanic hosted massive sulphide (VHMS) discoveries, at the heart of one of Australia’s most highly-prospective VHMS provinces.
The project hosts the high-priority Cuba VHMS prospect which RNI is preparing to drill test with an ~800 metre diamond drilling hole.
RNI’s Chief Executive David Morgan remarked that Doolgunna shares the same favourable geology as the proximal DeGrussa and Monty copper-gold discoveries.
“We have already advanced the Cuba prospect as a high-priority VHMS deep drilling target at Goolgunna and we continue to work up other target areas across the VHMS horizons we have identified,” he said.
