Laconia to acquire Lennons Find Base Metal Project and Yandicoogina Project
Laconia Resources, a Perth-based exploration company, purchased Jabiru Metals Limited (ASX: JML) equity in the Lennons Find Base Metal project in the Pilbara region of Western Australia. Laconia made the announcement on Wednesday in a statement.
Laconia also agreed to purchase Shaw River Resources (ASX: SRR) 100% interest in the nearby Yandicoogina project, located less than 10km along strike from the Lennons Find project.
According to Laconia, the Lennons Find project has a JORC Code Inferred Resource of 853,000 tonnes grading 7.7% Zn, 1.8% Pb, 0.7% Cu and 115g/t Ag at the Hammerhead sulphide zone. Mineralisation is open down dip and along strike.
Laconia has agreed to acquire a 100% interest in Jabiru Metals equity in the Lennons Find Project in consideration of the issue of 10 million Laconia shares (subject to voluntary escrow for six months). Laconia has also agreed to acquire a 100% interest in Shaw River Resources Yandicoogina Project in consideration of the issue of 1.7 million Laconia shares (subject to voluntary escrow for six months).
Map is from Laconia Resources.