Perth, Western Australia--(Newsfile Corp. - October 1, 2024) - Golden Horse Minerals Limited, (TSXV: GHML) ("Golden Horse" or the "Company") is pleased to announce that the Company has, under the terms of the Copperhead Sale Agreement, as amended July 18, 2024, for the acquisition of the strategic Copperhead prospecting lease (P77/4357), located approximately 30km north of the town of Bullfinch, Western Australia, paid the vendor a final cash payment of A$200,000 ("Final Cash Payment").
The Company originally executed the Copperhead Sale Agreement with the vendor on August 1, 2023, and under the terms of the Copperhead Sale Agreement, the Company:
- made a cash payment of A$50,000 in August 2023;
- elected to extend the term of the agreement by 6 months to August 1, 2024, with a cash payment of A$50,000 in February 2024; and
- on May 1, 2024, issued A$250,000 worth of common shares in the capital of the Company ("Shares") (being 621,272 Shares (on a post-consolidated basis).
The Final Cash Payment meets all of the Company's consideration obligations under the terms of the amended Copperhead Sale Agreement, being its requirement to pay the Vendor A$200,000 cash upon the earlier of the date upon which the Company's lists on the Australian Securities Exchange and October 1, 2024.
Under the Copperhead Sale Agreement, the Company has also granted a 1.5% gross smelter royalty to the Vendor over the Copperhead tenement, which is capped at A$800,000.
Golden Horse is targeting to advance the Copperhead tenement via further historic data compilation and interpretation in preparation for drilling.
Commenting on the transaction, Golden Horse MD & CEO Nicholas Anderson said:
"We are delighted to have completed the final payment for the acquisition of the Copperhead tenement. The Company considers this tenement to be extremely important to our exploration strategy for the area as it is located immediately adjacent to the historic Copperhead mine near Bullfinch.
Our highly experienced geology team consider the tenement holds significant potential for further gold mineralisation and are pushing forward with the completion of the detailed review of historical data."
For and on behalf of the Board
Nicholas Anderson
Managing Director & CEO
For more information contact:
Nicholas Anderson
Managing Director & CEO
Email: nicholas.anderson@goldenhorseminerals.com.au
Josh Conner
Chief Operating Officer
Email: josh.conner@goldenhorseminerals.com.au
Media
David Tasker
Chapter One Advisors
Email: dtasker@chapteroneadvisors.com.au
+61 433 112 936
Disclaimer
This release may include forward-looking statements. Such forward-looking statements may include, among other things, statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These forward-looking statements are based on management's expectations and beliefs concerning future events. Forward-looking statements inherently involve subjective judgement and analysis and are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Golden Horse. Such forward-looking statements are based on numerous assumptions regarding the Golden Horse's present and future business strategies and the political and economic environment in which the Golden Horse will operate in the future, which are not guarantees or predictions of future performance. Actual results and developments may vary materially from those that may be contemplated or implied by forward-looking statements in this release.
Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All information in respect of Exploration Results and other technical information should be read in conjunction with Competent Person Statements in this release (where applicable). To the maximum extent permitted by law, Golden Horse and any of its related bodies corporate and affiliates and their officers, employees, agents, associates and advisers:
- disclaim any obligations or undertaking to release any updates or revisions to the information in this release to reflect any events, circumstances or change in expectations or assumptions after the date of this release;
- do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this release, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and
- disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225241
SOURCE: Golden Horse Minerals Limited
