Australian miner Invictus Gold has acquired remaining stake in Endeavour Minerals to completely own Commonwealth high grade gold-VMS Project in New South Wales.
Invictus has issued 3,317,857 Company shares to Endeavour stakeholders to conclude the agreement with its 75% joint venture Impact Minerals, ahead of schedule.
Commenting on the developments, Impact managing director Dr Mike Jones stated that the fresh operations undertaken at the Commonwealth project by Invictus is reflecting the value of this deal.
In addition our recent unearthing of new high-grade drill intercepts in the project’s database and the identification of several previously unrecognized mineralised trends in and around the dormant Commonwealth Mine support the Company’s view that the Project is
highly prospective for bulk tonnage mining," added Jones
Meanwhile, the company has commenced ground exploration, while ground electromagnetic and induced polarization surveys are in progress. Also, the company is expecting the results of 130 samples secured from initial re-logging and sampling of previous drill core in August 2013.