Nelson Resources Announces Acquisition of Yarri Project Tenements

Nelson Resources Limited (ASX: NES) has entered into a sale and purchase agreement to acquire six granted prospecting licenses and two mining license applications, known as the Tenements, surrounding the Yarri gold project. These Tenements are currently owned by Rock Mining Australia Pty Ltd (RMA) and have undergone approximately 2,200 meters of drilling since 2017.

This proposed acquisition will significantly expand the size of Nelson's Yarri gold project from 0.35 square kilometers to 8.76 square kilometers. Acquiring the Tenements will enable Nelson to swiftly establish a maiden JORC Mineral Resource at Yarri, as the project is in close proximity to several operational mills. The acquisition consideration consists of an upfront payment of AU$ 35,000 in cash and 25 million ordinary shares (subject to a voluntary escrow period of three months).

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