Alien Metals (AIM:UFO), the AIM-quoted exploration company, has agreed conditionally to acquire Knox Resources Pty, the vehicle holding a seven-tenement iron oxide-copper-gold (IOCG) project in the Northern Territory's East Tennant province, from Venari.
Venari retains the right to any research and development tax offsets Knox receives from the Australian Tax Office for the years ended 30 June 2024 and 30 June 2025.
The project spans 2,500 square kilometres and carries more than 90 conceptual IOCG targets identified by consultants SRK, with three gravity anomalies at the Georgina Central prospects described as drill-ready after prior owners Greenvale Energy and Venari spent a combined A$4.8 million on geophysics and six drill holes.
Existing drilling at the Leichhardt East prospect returned intersections including 0.32 metres at 0.24% U3O8, 819 parts per million copper and 0.15 grams per tonne silver from 689 metres depth.
Completion is subject solely to Alien's financial, legal and technical due diligence on Knox, which the company expects to satisfy within two weeks.
Alongside the acquisition, Michael Carter assumes the Non-Executive Chairman role immediately, while Vincent Fayad, currently a director of vendor Venari, will join the Alien board as Executive Director on completion, replacing Bruce Garlick, who steps down from his executive role and exits the board within three months.
