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Tanami Gold NL ( (AU:TAM) ) has provided an announcement.
MGX Resources Limited has completed the acquisition of a 50% interest in the Central Tanami Gold Project Joint Venture in the Northern Territory from Northern Star Resources for $50 million, including the replacement of approximately $5.8 million in bank guarantees and the purchase of an additional 3,600 square kilometres of wholly owned exploration tenure in the region. The Central Tanami project, which MGX now shares via joint venture with Tanami Gold NL, is one of Australia’s highest-grade undeveloped gold assets with JORC 2012 mineral resources of 31.0 million tonnes at 2.8 g/t for about 2.8 million ounces of contained gold, positioning MGX for a transformational expansion as it moves quickly to define a development plan, secure approvals and accelerate project development in partnership with local stakeholders and Traditional Owners.
The most recent analyst rating on (AU:TAM) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Tanami Gold NL stock, see the AU:TAM Stock Forecast page.
More about Tanami Gold NL
MGX Resources Limited is an Australian resources company listed on the ASX that is focused on gold development and exploration. The company is building its position in the Northern Territory through interests in advanced gold projects and extensive exploration tenure, with a strategy to establish a substantial, long-life gold business in a favourable gold price environment.
Average Trading Volume: 1,015,540
Technical Sentiment Signal: Buy
Current Market Cap: A$115.2M
For a thorough assessment of TAM stock, go to TipRanks’ Stock Analysis page.