Bellavista agrees to acquire 80% of Pickle Crow Gold Project and highly prospective exploration assets
Press Release
The transformational deal will deliver Bellavista a 2.8Moz JORC Inferred Mineral Resource at 7.2g/t gold, numerous prospects with established shallow high-grade mineralisation and a platform to take part in regional M&A
HIGHLIGHTS
⦁ Bellavista has agreed with FireFly Metals Ltd (ASX: FFM) to acquire the 70% of the Pickle Crow Gold Project and exploration assets in the Uchi belt in Ontario, Canada, and exercise the option to increase that interest to 80%, subject to conditions precedent, including shareholder approvals
⦁ Pickle Crow has an Inferred Mineral Resource of 2.8Moz at 7.2g/t gold reported in accordance with the JORC Code 2012
⦁ As part of the Acquisition, Bellavista will also acquire:
o Significant exploration tenure around Pickle Crow, which hosts extensive shallow high-grade mineralisation
⦁ A highly prospective land holding in the Wabigoon Belt, which hosts several gold deposits including NexGold’s Goliath Complex project. Rock chip sampling at the Sioux Lookout prospect returned grades of up to 74g/t Au
⦁ The tenure to be acquired has not been the focus of FireFly since 2023 when the gold price was ~US$2,000/oz, at which point FireFly (then called AuTECO Minerals) acquired the Green
Bay copper-gold project and concentrated its exploration efforts there
⦁ Bellavista believes there is immense exploration upside both around Pickle Crow and in the Uchi and Wabigoon belts and intends to implement aggressive exploration campaigns targeting shallow mineralisation in both belts following completion of the Acquisition
TERMS OF THE ACQUISITION
⦁ Bellavista will issue FireFly 60 million Bellavista shares as upfront consideration at completion of the Acquisition, with FireFly to undertake a pro-rata in-specie distribution of those shares to its shareholders (subject to FireFly shareholder approval)
⦁ Bellavista will also issue FireFly a total of 50 million performance rights as contingent consideration, with vesting conditions tied to Pickle Crow’s progression
⦁ Completion of the Acquisition remains subject to a number of conditions precedent, including Bellavista shareholder approvals
ASX:BELLAVISTABVRRESOURCES LTD W: bellavistaresources.com Principal and Registered Office
E: info@bellavistaresources.com ACN: 655 732 246
T: (08) 6383 7556 L2/8 Richardson Street West Perth WA 6005
⦁ Bellavista is seeking to raise up to ~A$25m (before costs) via a two-tranche share placement at an issue price of A$0.75 per share
⦁ Tranche 1 will comprise up to ~25.45m shares to raise ~A$19m; Tranche 2, which is subject to shareholder approvals, will comprise up to a further ~7.88m shares to raise up to ~A$6m
⦁ Bellavista will use the proceeds raised from the Placement:
o subject to completion of the Acquisition, to exercise the PC Gold Earn-In and conduct an aggressive exploration program at the Pickle Crow Gold Project and Sioux Lookout Project;
⦁ to advance ongoing exploration activities at its Brumby project in Western Australia; o for costs associated with the Acquisition and the Placement; and
o for corporate costs and general working capital
⦁ Canaccord Genuity (Australia) Ltd is acting as Lead Manager and Bookrunner to the Placement, with Euroz Hartleys Limited and Argonaut Securities Pty Limited acting as Co-Managers to the Placement.
Bellavista Resources (ASX: BVR) (“Bellavista” or the “Company”) is pleased to announce that it has
entered into a binding Share Sale & Purchase Deed to acquire FireFly Metals Ltd’s (ASX: FFM) (“FireFly”) 70% interest in the Pickle Crow Gold Project (“Pickle Crow” or “Pickle Crow Project”) (and exercise the option to increase the interest to 80%) and a parcel of highly prospective exploration assets in Ontario, Canada (“Acquisition”). Under the Acquisition, Bellavista will acquire 100% of the shares in FireFly’s wholly-owned subsidiary, Auteco Minerals (Canada) Pty Ltd (“Auteco”) and loans receivable, for upfront consideration of 60 million fully paid ordinary Bellavista shares (“Shares”), plus A$37.5 million in Bellavista performance rights.
On completion of the Acquisition, the Company will acquire FireFly’s 70% interest in the Pickle Crow Project via a shareholding in PC Gold Inc. (“PC Gold”), along with the option to increase the Company’s interest in Pickle Crow to 80% by payment of C$3 million to First Mining Gold Corp. (“First Mining”), (“PC Gold Earn-In”). The Company will also acquire 100% of neighboring additional Pickle Crow-related tenements and 100% of the Sioux Lookout Project (“Sioux Lookout” or “Sioux Lookout Project”). The Acquisition is subject to a number of conditions precedent, including Bellavista shareholder approvals.
Bellavista Managing Director Glenn Jardine said: “This Acquisition will transform Bellavista into a substantial exploration company underpinned by a 2.8Moz high-grade gold inferred mineral resource and leveraged exposure to outstanding gold prospective tenure.
“Exploration activities have been limited at Pickle Crow and the exploration prospects since 2023, during which time the gold price has more than doubled.
“As well as a world-scale resource at an exceptional grade of more than 7g/t gold, the Acquisition will give Bellavista exposure to highly prospective gold exploration tenure in two belts containing numerous prospects which have already returned outstanding drilling results.
“The combination of our experienced exploration team and access to capital will enable us to unlock the true value of these assets by undertaking the first extensive exploration programs there for more than two years”.
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