TARUGA MINERALS LIMITED Taruga Minerals Limited (ASX:TAR) exercised an option to acquire Strikeline Resources Pty Ltd from Thomas Line and Mark Freeman on May 11, 2021. Strikeline is the owner and operator of 3 key projects in SA including the Flinders and Torrens Projects in the Gawler Craton, and the Mt Craig Project in the Adelaide Geosyncline. The consideration will be paid in form of 40 million fully paid up share capital.
An additional payment of AUD 0.4 million will be paid once on achieving performance milestone 1 of delineating a JORC Indicated Resourceof 150,000t Cu Equivalent which may at the election of Taruga be paid in cash or Ordinary Fully Paid Shares, on achieving performance milestone 2 an additional consideration of AUD 0.5 million completing a positive Bankable Feasibility Study in relation to the Project which may at the election of Taruga be paid in cash or Ordinary Fully Paid Shares and on achieving performance milestone 3 an additional consideration of AUD 0.5 million commencing commercial production (being first concentrate sales) at the Project which may at the election of Taruga be paid in cash or Ordinary Fully Paid Shares. An NSR agreement has been reached in which Taruga will pay 1% royalty which can be bought for total consideration of AUD 0.5 million which may at the election of Taruga be paid in cash or Ordinary Fully Paid Shares.
