Westgold hot on Polar Bear ground, cold on lithium deal

AGILE gold miner Westgold Resources has canned the sale of its lithium assets but has triggered a A$9 million deal to buy established resources and exploration ground for its Higginsville operation from S2 Resources.

Westgold hot on Polar Bear ground, cold on lithium deal Westgold hot on Polar Bear ground, cold on lithium deal Westgold hot on Polar Bear ground, cold on lithium deal Westgold hot on Polar Bear ground, cold on lithium deal Westgold hot on Polar Bear ground, cold on lithium deal

The $9 million comprises $3 million cash and four million Westgold shares, with the assets being bought including the Baloo deposit currently estimated to contain 4.2 million tonnes grading 2 grams per tonne gold for a contained 264,000oz.

Near surface oxide and transitional mineralisation comprises about 61% of the total resource, with Baloo 15km from the Higginsville operation.

Various other prospects featuring good drill hits are in the 151sq.km S2 Polar Bear package, with Westgold also citing the potential of the ground in light of the Invincible gold discovery made by Gold Fields in the general region earlier this decade.

S2’s focus in more recent times has been in Scandinavia.