AustChina Completes Due Diligence for Gold-Antimony & Base Metals Portfolio Acquisition.

AustChina Holdings Limited (ASX: AUH) has successfully completed due diligence for acquiring 100% of Penwortham Exploration Pty Ltd. PEN holds the Sulphide Creek Gold Antimony Project (EL16/2022) and has applied for the Mersey VMS Base Metals and Gold Project (EL6/2021) in north-west Tasmania. AustChina has waived the condition of EL6/2021 being granted and will proceed with the acquisition. Consideration includes an AU$38,000 cash payment and 300 million AUH shares, subject to a six-month voluntary escrow. 

Following completion, AustChina plans to commence targeted exploration at Sulphide Creek, including data compilation, LIDAR surveys, and drilling within six months. The Mersey Project, upon approval, will undergo soil sampling, geochemistry studies, and an airborne EM survey. CEO Andrew Fogg emphasized the strong exploration potential for high-demand commodities such as gold, antimony, and copper in active mining districts. Completion remains subject to final conditions and approvals.

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