Aspiring silica sands miner VRX Silica (ASX: VRX) has acquired the Boyatup silica sand project from Silatec Pty Ltd in a cash-and-shares deal. VRX will issue 2 million shares and pay $10,000 in cash to buy the asset, which has a total area of 105.7km2. The project is located 100km east of Esperance.
VRX Silica Limited (VRX Silica or Company) (ASX: VRX) is pleased to announce the Company has completed an agreement with Silatec Pty Ltd (the vendors) for the acquisition of the Boyatup Silica Sand Project (Boyatup) located on E69/3560 which has a total area of 105.7 km².
VRX Silica will issue two million of the Company’s ordinary fully paid shares plus $10,000 in full consideration for the acquisition of Boyatup which consists of a single tenement, E69/3560. The project is located 100km east of the port town of Esperance, and is connected to the Esperance Bulk Port via a sealed road which by-passes the city of Esperance.
“The Boyatup deposit is subtlety different to the Company’s Arrowsmith and Muchea Silica Sand Projects and can provide yet another option in the product range that the Company can market in Asia”, said Managing Director Bruce Maluish.
The Company will conduct a first pass drill program following an Aboriginal Heritage study on the granted PoW drill sites. The drill program will also provide adequate sample for a preliminary testwork program to determine the final sand quality, a preferred process circuit design and supply potential product samples to be forwarded to interested buyers.
The Company and its International Marketing Manager have now compiled a significant number of potential buyers for glass making and foundry industry raw materials.
