MB Gold Limited (ASX | MBG), (“MB Gold” or the “Company”) is pleased to announce the successful completion of a heritage survey over its Razorback Prospect, located within the Company’s Marble Bar Gold Project in the Pilbara region of Western Australia.
The heritage survey was undertaken by Nyamal Traditional Owners, reflecting MB Gold’s ongoing commitment to its Heritage Protection Agreement and its collaborative approach to exploration. The successful completion of the survey is an important step in responsibly advancing exploration at the Razorback Prospect.
In addition, MB Gold has executed a binding agreement with First Au Limited (“First Au”) to terminate the existing 0.75% net smelter royalty (“NSR”) held by First Au over tenements E45/3679, E45/3857, E45/4137, E45/5571, E45/5595 and E45/5596 (“Termination”).
As consideration for the Termination, the Company will issue First Au fully paid ordinary shares in MB Gold with an aggregate value of A$50,000 (“Consideration Shares”). The number of Consideration Shares to be issued will be determined by dividing A$50,000 by the 5-day volume weighted average price of the Company’s securities, as at the date immediately prior to the completion of the Termination.
Logan Barber, CEO of MB Gold, commented:
“It’s great to be working in such close and effective consultation with the Nyamal Traditional Owners.”
“Completion of the Razorback Heritage Survey ahead of our Phase 2 drilling program provides a clear pathway to progress our exploration targets, while respecting the rich cultural heritage of the Nyamal People.”
