BLINA EXERCISES OPTION TO ACQUIRE MADACU RESOURCES On 22...

BLINA EXERCISES OPTION TO ACQUIRE
MADACU RESOURCES
On 22 February 2019 Blina Minerals NL (Blina or the Company) exercised
the option to acquire 100% of in the shares of Madacu Resources Pty Ltd
(Madacu) pursuant a Heads of Agreement that was announced to the ASX
on 15 November 2018. Blina has conducted extensive technical and
commercial due diligence and is satisfied that the transaction can now
proceed. Madacu holds a binding earn-in and share sale term sheet with
the local Malagasy company Mada Hanra SARL that has tenements
covering numerous scattered copper occurrences.
Under the terms of the Agreement Blina has reimbursed the $200,000 for
field expenses incurred by Madacu and will issue 180 million fully paid
ordinary shares in the Company to the shareholders of Madacu.
The Consideration Shares will be issued out of the Company’s placement
capacity pursuant to ASX Listing Rule 7.1. The parties are working toward
settlement of the transaction.
The Maintirano Copper Project, a strategic landholding of 1,757 square
kilometres in western Madagascar. To date, 30 known copper
occurrences have been investigated and results have been announced to
the ASX in 2 releases on 15 November 2018 and 24 January 2019 as well
as the December 2018 Quarterly Report released on 31 January 2019.
In the latest campaign 15 more remote copper occurrences were visited
and 59 samples collected and assayed. The chemical analyses received in
December 2018 returned high-grade values with 1 sample registering
37.5% copper and 33ppm silver, and a total of 8 samples registering in
excess of 5% copper. High grade samples seem to coincide with steeply
dipping veins which contain secondary copper carbonates, chalcocite and
cuprite. Samples with more than 15% copper content were collected from
3 different geographical locations over 10km distances away from each
other, supporting the theory of a large-scale system.
Now is the wet season at Maintirano and the project area is inaccessible.
Blina will commence geological and geophysical survey in third quarter
2019, or once access is available.