The Olympic Domain project consists of nine exploration licences that spread over 2,162km² in proximity to the Olympic Dam and Carrapateena iron-oxide copper-gold deposits. Olympic Dam is said to be the world’s second largest uranium mine.
Forte Energy will acquire 75% stake in Antares’ subsidiary Copper Range, and will fund theproject until a decision is finalized to begin mining.
Exploration conducted earlier on the licences has showed a number of targets for further surveys and drilling.
Forte plans to undertake a small drilling program, to test these targets and will provide further information to shareholders at a later date.
Meanwhile, the company signed a new funding agreement with Darwin Strategic for £900,000 in exchange for 40 convertible loan notes.
The funds will be used for proposed acquisition of Olympic Domain, and advance the company’s uranium assets in Africa and Slovakia.
