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Bellavista Resources Ltd ( (AU:BVR) ) has issued an update.
Bellavista Resources has completed the acquisition of Auteco Minerals (Canada) Pty Ltd from FireFly Metals, securing an effective 80% interest in the Pickle Crow Gold Project and associated exploration assets in Ontario. The deal is underpinned by a 2.8-million-ounce high-grade inferred gold resource and gives Bellavista access to extensive, underexplored ground in two highly prospective belts.
The transaction followed satisfaction of all conditions, including shareholder approvals, and involved the issue of 60 million Bellavista shares and 50 million performance rights to FireFly as consideration. Bellavista has also received A$16 million from the second tranche of a A$35 million placement, providing funding to restart major exploration, extend resources near surface and near mine, and reassess the project’s economics at today’s significantly higher gold prices.
The company plans an intensive program of resource extensional drilling, follow-up drilling on previous high-grade intersections, and regional mapping and drilling to generate new discoveries. This marks a strategic shift that transforms Bellavista into a larger-scale gold exploration player with enhanced exposure to a world-scale, high-grade project and potential value upside for shareholders as exploration resumes after a two-year lull.
More about Bellavista Resources Ltd
Bellavista Resources Ltd is an ASX-listed exploration company focused on gold and mineral resource development. With the completion of its latest acquisition, the company now holds a controlling interest in the high-grade Pickle Crow Gold Project and additional exploration tenure in the Uchi greenstone belt in Ontario, Canada, positioning it within a prolific gold mining region.
Average Trading Volume: 405,849
Technical Sentiment Signal: Buy
Current Market Cap: A$85.9M
For an in-depth examination of BVR stock, go to TipRanks’ Overview page.