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Maroon (Au),

EUC Option to Acquire 100%

Transformational Acquisition of Maroon Gold Pty Ltd- Charters Towers, Queensland



  • Exclusive Option Agreements entered into with the shareholders of Maroon Gold Pty Ltd to acquire 100% of its issued capital (Proposed Acquisition)

  • Total mineral resource base of 250,000oz Au at average grade of 2.24 g/t Au

    • Far Fanning Inferred Mineral Resource of 1.17Mt at 1.7g/t Au for 64Koz

    • Great Britain Inferred Mineral Resource of 1.54Mt at 2.2g/t Au for 109Koz

    • Granite Castle Total Mineral Resources of 0.76Mt at 3.14g/t Au for 77Koz

  • Fully permitted and operational 340Ktpa CIP processing plant

    • Estimated replacement value of A$40M (GR Engineering Services Limited, 2019)

    • Recently undergone extensive refurbishment

  • Tendering for development studies of Maroon 100% owned assets and discussions on tribute mining/toll processing of synergistic deposits underway

    • Maroon’s existing asset base provides for strong potential of near term development

  • Significant exploration portfolio of 245km2 with multiple drill ready targets defined

  • Regional endowment of >15Moz with 74 discrete intrusion related gold systems identified proximal to project portfolio

  • Glenn Baldwin to be appointed as Managing Director- previously Executive VP and Head of International Operations for Goldfields Ltd, CEO of Consolidated Minerals and Head of Origination for Project Finance of Rand Merchant Bank

  • Defined regional consolidation strategy with multiple acquisition targets identified

  • Limited exploration conducted across portfolio and region for past 20 years

  • Consideration for the Proposed Acquisition comprises of the issue of 900,279,150 shares issued in the Company, payment of A$100,000 cash consideration, repayment of a A$2,000,000 convertible note, assumption of US$18.3M of debt and assume a working capital liability of ~A$2,000,000

  • Proposed Acquisition subject to shareholder approval for the purposes of ASX Listing Rule 11.1.2 and completion of due diligence

  • The Company will be renamed Mojo Minerals Ltd upon completion of the Proposed Acquisition


Maroon and its wholly owned subsidiaries own a total of five granted exploration permits for minerals (“EPM”), an EPM application, a granted mineral development licence (“MDL”) and seventeen granted mining leases (“ML”) totalling 245km2 of tenure.

Geology & Mineralisation

The Charters Towers Goldfield is situated within the Lolworth-Ravenswood Terrane and lies along a regional scale east-west trending structure, referred to the Mosgardies Shear Zone. The Mosgardies Shear is part of a coincident east-west trending gravity and magnetic boundary which extends over 300km.  This deep seated crustal structure is believed to act as a conduit for gold bearing hydrothermal fluids from which the Devonian age gold deposits within the Charters Towers region were formed.

The geology of the district is characterised by complex overprinting and interaction of several phases of intrusions from Pre-Cambrian through to the Permian.

Mineral Resources

The global mineral resource base of 250,000oz Au at 2.24g/t Au is comprised of:

  • Far Fanning Inferred Mineral Resource of 1.17Mt at 1.7g/t Au for 64Koz at a cut off grade of 1g/t Au in accordance with JORC 2012 Edition Guidelines

  • Great Britain Inferred Mineral Resource of 1.54Mt at 2.2g/t Au for 109Koz in accordance with JORC 2004 Guidelines

  • Granite Castle Total Mineral Resources of 0.76Mt at 3.14g/t Au for 77Koz at a 1g/t Au cut-off grade, in accordance with JORC 2004 Guidelines and divided by resource categorisation:

    • Measured: 111,000t at 3.32g/t Au for 15,000oz Au

    • Indicated: 250,000t at 3.59g/t Au for 29,000oz Au

    • Inferred: 403,000t at 2.54g/t Au for 77,000oz Au

A review of all resources is underway to determine the work programs required to convert mineral resources to compliant in accordance with JORC 2012 Guidelines where required.  In addition, a gap analysis of the Far Fanning mineral resource is presently underway to determine the required inputs to increase resource confidence to Indicated category.

Please refer to ASX Release on 14th November 2019 for further details regarding the Mineral Resources.

Processing Infrastructure

The Blackjack Processing Plant is a conventional  CIP (carbon in pulp) plant originally installed in 1996.  The fully permitted plant has a nameplate processing capacity of 340,000tpa.  On site infrastructure includes the tailings dam and tailings expansion capacity, both of which are located on freehold land included within the acquisition.  Mill refurbishment was completed in 2018 with wet and dry commissioning completed in January 2019.  GR Engineering Services Limited (GR Engineering) have completed a processing plant condition report and have estimated a replacement value of A$40M.