A view of the landscape at Valor Resources’ Peruvian project. Credit: File Valor Resources has entered into a binding agreement with ASX-listed Firetail Resources to offload an 80 per cent interest in its Peruvian copper assets for an upfront cash payment of $750,000 and a package of 15 million shares and 20 million performance rights in the junior explorer.
Interestingly, the share placement will earn Valor more than 20 per cent ownership of Firetail and will also give its executive chairman George Bauk a seat at Firetail’s boardroom table.
Under the agreement, Firetail is set to inherit Valor’s experienced in-country management and technical team, in addition to the recently-announced earn-in agreement with leading global gold and copper producer Barrick Gold Corporation covering the Charaque project.
The Barrick deal will see a tidy US$800,000 (AU$1.2 million) being tipped into the till with a guaranteed exploration expenditure of US$3 million (AU$4.5 million) over five […]
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