In April 2017, Discovery Africa Limited (“Company”) executed a Heads of Agreement with Bruce Robert Legendre, granting the Company a one-year option period to purchase a 100% interest in the Cue and Pinyalling Gold Projects in Western Australia.
This option period was extended in April 2018 for a further 6 months, and in October 2018 it was extended for a further 12 months in respect of the Pinyalling Gold Project, with key terms of the Agreement remaining similar.
In October 2019, the Company announced that it had agreed terms with Bruce Robert Legendre to purchase a 100% interest in the Pinyalling Gold Project and had renegotiated the purchase fee to $5,000 cash to be paid for the purchase.
The Cue Gold Project was relinquished in the September 2018 quarter.
Pinyalling Gold Project
The Pinyalling Project consists of Exploration Licence 59/2112 covering 18 blocks (54km2) and is about 400km northeast of Perth. Access is via the Great Northern Highway from Perth to Paynes Find-Yalgoo Road. This road gives access to the Pinyalling Mining Centre, about 30km west of Paynes Find.
The Company continues to work to identify and review other new projects or asset acquisition opportunities, to enhance its project portfolio with an aim to increase the overall value proposition of the Company and ensure it is best placed to deliver value and upside potential for all its shareholders.