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An announcement from CGN Resources Ltd. ( (AU:CGR) ) is now available.
CGN Resources has signed a binding agreement to acquire the Desdemona Project from Patronus Resources, adding 142 km2 of mining, exploration and prospecting licences that adjoin its existing Leonora Gold Project in Western Australia. The all-equity upfront structure, with additional milestone-based cash payments, allows CGN to preserve cash while bringing Patronus in as a substantial shareholder, and lifts CGN’s consolidated footprint in the Leonora district to 386 km2—comparable to major regional operators. The enlarged, contiguous landholding sits along strike from several multi-million-ounce gold mines and contains numerous advanced targets with historical strong gold intercepts, significantly expanding CGN’s pipeline of exploration opportunities and reinforcing its strategic position as a district-scale player in one of Australia’s most prolific gold regions.
More about CGN Resources Ltd.
CGN Resources Ltd. is an Australian gold exploration company listed on the ASX, focused on building a significant land position in the Leonora Gold Province of Western Australia. Its primary activity is the exploration and development of gold projects, including the Christmas Well and Panhandle projects, in proximity to established Tier-1 gold mines and processing infrastructure.
Average Trading Volume: 107,212
Technical Sentiment Signal: Buy
Current Market Cap: A$11.57M
For an in-depth examination of CGR stock, go to TipRanks’ Overview page.