Chase Mining Corporation Ltd (ASX:CML) has completed its strategic investment in private Queensland-focused advanced exploration company Red Fox Resources Pty Limited.
Under the terms of the investment, CML has the right to appoint a director to Red Fox’s board and a pre-emptive right over any further shares issued by Red Fox.
Accordingly, executive chairman Leon Pretorius has been appointed as a non-executive director of Red Fox.
Highlights
Chase invested A$600,000 to become a 40% shareholder in Red Fox, giving CML exposure to the following:
- Copper-gold (± cobalt), high-grade gold and silver-lead-zinc focus;
- Seven wholly-owned granted tenements (EPMs) covering 900 square kilometres in two highly mineralised districts: Mt Isa/Cloncurry and Georgetown – not subject to any royalties or commissions; and
- Pipeline of targets for discovery of Ernest Henry-style IOCG copper-gold, Tick Hill-style high-grade gold and, large Century and Broken Hill-style zinc-lead-silver deposits.
Red Fox has a skilled technical team and experienced board with a successful track record of ASX listings and achieving Queensland Government grants.