AAQ Holdings (ASX: AAQ) has completed a share placement raising $180,000 to go towards the completion of the acquisition of two substantial tenement packages in the Albany-Fraser Orogen of Western Australia.
The company, which will soon be known as Fraser Range Metals Group, has issued 60 million shares at $0.003 to raise the funds, which will also go towards the completion of the re-compliance process following AAQ's move out of aquaculture into the high value resource sector.
The Albany-Fraser Orogen region is a well-endowed multi-commodity region, giving rise to the 6.4 million ounce Tropicana-Havana deposits and, more recently, Sirius Resources' (ASX: SIR) new Nova discovery.
The region is highly prospective for the discovery of gold mineralisation, with significant potential for nickel-cobalt-copper mineralisation in settings analogous to the recent Nova discovery.
AAQ has inked a conditional binding Term Sheet to acquire 100% ownership of the Plumridge Project located along the Tropicana Gold Belt, and 100% of the Fraser Range Project.
The Plumridge Project comprises four granted exploration licences covering 831 square kilometres.
The southern extent of the project is about 80 kilometres from a major rail link to Kalgoorlie which further connects to the Port of Esperance.
Plumridge covers an extensive region of anomalous gold in calcrete and is located 90 kilometres to the southwest of the Tropicana-Havana gold deposits.
Fraser Range Project
The tenements will be acquired from privately owned Fraser Range Resources.
The Fraser Range Project covers an area of about 1,296 square kilometres over four exploration licences.
The project represents a significant landholding in a mostly unexplored part of the prospective Albany-Fraser orogen.
It lies about 100 kilometres southwest along the general trend of the Albany-Fraser orogen from Sirius Resources's nickel-copper discovery at Nova.
The project has shown the potential to host gold as well as a range of other commodities.
A high impact drilling campaign is due to commence in early 2013.
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