Aureka (ASX:AKA) has sold its 49 percent interest in the Tandarra joint venture in Victoria to its co-owner Catalyst Metals (ASX:CYL) for a cash sale AU$1.3 million.
In the Monday (November 10) announcement, Aureka said the move is aligned with its strategy to focus on its flagship Stawell Corridor Irvine gold project and St Arnaud gold project also in Victoria.
Catalyst Metals now holds a full interest in Tandarra after adding Aureka’s 49 percent to its initial 51 percent stake.
“(Our) focus (now) is on maximising shareholder value from the Stawell Corridor Irvine gold, and the St Arnaud Comstock projects, both of which contain JORC compliant resource inventory and where recent drilling success has been reported on both projects,” Aureka said.
In a separate announcement, Catalyst Metals said that Tandarra is home to several attractive prospects namely Lawry, Tomorrow and Macnaughtan and Tandarra North, which are positioned along strike of its Four Eagles gold project.
“With this transaction, Catalyst simplifies the future management and direction of Catalyst’s Victorian gold assets, including the Four Eagles gold project.”
Following receipt of the funds, Aureka said it will continue the diamond drilling and permanent land access around the Irvine gold project.
In October Aureka reported that drill work at Irvine resulted in “some of the highest assays since discovery,” including 10 meters at 12.1grams per tonne (g/t) gold from 413 meters, including 0.3 meters at 183 g/t gold from 413 meters and 0.3 meters at 64.3g/t gold from 413.8 meters.
Moving forward, Catalyst said that it will move forward with plans to expand Tandarra whichis located approximately 50 kilometres north of the historic 20Moz Bendigo Goldfield, and about 80 kilometres north of the Maldon gold processing plant.
It also covers a highly prospective structural corridor considered a northern extension of the Bendigo Goldfield.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
