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Kingfisher Mining (ASX:KFM) sells Boolaloo Project to Black Cat

Kingfisher Mining announces sale of Boolaloo Project


Kingfisher Mining Limited (ASX:KFM) has signed a Binding Heads of Agreement with Black Cat Syndicate Ltd (ASX:BC8) for the sale of its 100% interest in the Boolaloo Project, located near Black Cat's Paulsens Gold Operation. The consideration for the divestment includes 2,000,000 fully paid ordinary shares in Black Cat valued at $560,000 and a 0.5% net smelter return royalty on gold and copper produced from all the Boolaloo tenements. This transaction enables Kingfisher to focus on its Mick Well REE and Chalby Chalby Lithium Projects in the Gascoyne region.

Executive Director and CEO James Farrell's comments on the sale


The sale of the Boolaloo Project, when completed, allows Kingfisher to focus its full effort on the continuing discovery of rare earth elements and lithium through our on-going exploration in the highly prospective Gascoyne region. The transaction provides Kingfisher with an investment in a near-term gold producer as well as royalties over copper and gold produced from the Boolaloo Project. We wish Black Cat the best of luck with its future exploration campaigns in the area as it moves towards production at its Paulsens Gold Operation.

Summary of Kingfisher Mining's announcement


Kingfisher Mining (ASX:KFM) has finalized the sale of its Boolaloo Project to Black Cat Syndicate Ltd, receiving 2,000,000 fully paid ordinary shares in Black Cat valued at $560,000 and a 0.5% net smelter return royalty on gold and copper produced from the Boolaloo tenements. This strategic move allows Kingfisher to concentrate on its Mick Well REE and Chalby Chalby Lithium Projects in the Gascoyne region, where the company has made significant rare earth elements discoveries. The company's Gascoyne tenure also holds potential for lithium-bearing pegmatites. Kingfisher's Executive Director and CEO, James Farrell, expressed optimism about the transaction, emphasizing the company's commitment to rare earth elements and lithium exploration. The outlook for Kingfisher involves a dedicated focus on its Gascoyne projects, aiming to capitalize on the region's prospectivity for rare earth elements and lithium.

Sourcehttps://announcements.asx.com.au/asxpdf/20231204/pdf/05y4flmrf63j16.pdf

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