White Cliff Minerals (ASX: WCN) has received a notice of initial substantial shareholder from T2 Gold Pty Ltd, which holds a 16.44% interest.
This follows the company issuing T2 Gold with 73,841,667 shares along with $45,000 in cash for T2's 32.2% interest in the high grade Chanach Copper Gold project in Kyrgyz Republic.
White Cliff now has a 88.7% stake in the project.
The 73,841,667 shares gives T2 a 16.44% interest in White Cliff.
The Chanach Copper and Gold Project covers 83 square kilometres and is located 350 kilometres southwest of the capital Bishkek. It also has good road access and is close to regional mining support hubs.
It is located within the western part of the highly mineralised Tien Shan Belt which extends for over 2,500 kilometres from Western Uzbekistan to western China.
Major nearby mines include the Terek Sak gold mine, Bozymchak copper, gold and silver mine, and the Ishtamberdy gold mine.
White Cliff's acquisition of T2's interest in Chanach consolidates ownership of two copper-gold deposits including the new Aucu discovery where trenching has returned 7 metres at 3.83% copper and 30.1 grams per tonne gold and 10 metres at 1.73% copper.
It also reinforces the interest displayed by investors who had oversubscribed for the company's $1.2 million placement in March this year.
Managing director Todd Hibberd had previously said that the new Aucu discovery is the key driver behind the transaction.
Aucu had spectacular copper and gold trenching results in January that show potential to develop a significant tonnage, high grade copper-gold deposit.
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