If the deal goes ahead, Middle Island will receive US$335,000 and five million shares in Tajiri Resources, as well as a 2% net smelter royalty (which can be purchased for $5 million).
Tajiri is led by Dominic O’Sullivan, the discoverer of the Smarts and Hicks deposits in Guyana that were ultimately acquired by Troy Resources when it acquired Azimuth.
Tajiri’s ground in Guyana is next door to Troy’s operating Karouni project that’s been mining those discoveries.
Middle Island’s divestment is to allow it to focus on its Sandstone project in Western Australia.
Middle Island’s backers include wealthy former nickel mining executive Kerry Harmanis, who has recently been putting together a 9.3% s...