Big Deal: Explorers Black Cat and Comet are about to announce a couple of ‘material’ acquisitions
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WA gold explorer Black Cat Syndicate (ASX:BC8) is preparing an announcement on a “material transaction involving a potential acquisition”.
The hard drilling company has been progressing development studies at the shallow, high-grade 155,000oz Myhree resource, part of its Bulong gold project near Kalgoorlie.
‘Material’ means important, of consequence. These are the companies with ground surrounding Black Cat’s Bulong project:
The $41m market cap explorer — which is up almost 80 per cent over the past year — had $3.7m in the bank at the end of March.
Graphite-copper focused explorer Comet Resources (ASX:CRL) is in a trading halt “in connection with a proposed acquisition and due diligence process”.
Comet just finalised another acquisition, the historic Barraba copper project in NSW, in April.
Barraba includes the historic Gulf Creek and Murchison copper mines. The high-grade historical workings at Gulf Creek would form a key part of the initial exploration focus, Comet said in April.
The company will make an announcement regarding the proposed acquisition no later than Thursday this week.