Metals X Limited (ASX:MLX)
has reached a binding agreement with Silver Lake Resources to acquire the Comet Gold Project near Cue in Western Australia’s Murchison Goldfield for $3 million.
The Comet Gold project covers an area of 50 square kilometres. Silver Lake has previously reported a total mineral resource estimate of 3.8 million tonnes.
The agreement is subject to ministerial consent being obtained for the transfer of tenements and Foreign Investment Review board approval.
Completion is expected before the end of the year.
Metals X recorded a net profit of $40.94 million at 30 June 2015.