Meteoric sells Brazilian gold project for US$22mn

Australian mineral exploration firm Meteoric announced the sale of its Juruena gold project in Mato Grosso state, Brazil, for a total of around Aus$30mn (US$22mn). 

The project was sold to Keystone Resources, which is a subsidiary of Alchemist Investments, a holding group with relevant experience in developing mines globally, including Brazil. 

The payment considers US$2.5mn cash upon completion, US$7.5mn cash six months after completion, US$10mn cash 12 months after completion and 2% gross royalty, capped at US$2.0mn cash, according to a statement sent to Australian stock exchange ASX. 

"We consider this the ideal moment at which [to] pass Jurua to a group far better placed than ourselves to now develop the project, allowing Meteoric to focus on what it does best, which is the identification, acquisition and advancement of projects through high quality exploration focusing on results generated at the drill bit," said Andrew Tunks, managing director of Meteoric.

The Juruena project is located in the prospective Juruena-Alta Floresta gold belt in Mato Grosso state.