Fosterville South Exploration Acquires Wild Dog Resources, Expanding Its Mineral Properties Portfolio

As the world is shifting towards greener energy, the need for metals and minerals is skyrocketing. This has led to a lot of activity in the mining industry, with companies like Fosterville South Exploration Ltd. (FSX) making big moves. FSX, known for its large gold reserves in Australia, is one such company that’s making waves.

FSX portfolio of high-grade gold projects include the Lauriston Gold Project, which is contiguous to Agnico Eagle’s Fosterville sharing the same structural geology and age of mineralization. FSX’s Walhalla project has a total historical hard-rock production of 1.51 Moz Au at 33.56 g/t Au. The Golden Mountain project has seen successful FSX drilling, including significant intercepts of high-grade gold.

Recently, FSX made a big announcement: it’s buying Wild Dog Resources Inc. (WDR). This deal means that FSX will take over all the shares of WDR. As part of the deal, WDR will merge with a subsidiary of FSX, and they’ll operate as one company operating in two countries, namely Australia & Papua, New Guinea.

Papua New Guinea (PNG) has a rich history of mining, being endowed with vast mineral resources, including gold, copper, and nickel, among others. The country’s unique geology, characterized by volcanic and seismic activity, has led to the formation of high-grade mineral deposits.

WDR brings three mining properties in Papua New Guinea to the table: the Wild Dog Project, the Arau Project, and the Kesar Creek Project. These properties add a large area of land to FSX’s portfolio. This includes a project that’s right next to K92 Mining, and another one that’s not far from K92’s active mining operations.

Bryan Slusarchuk, CEO of FSX, expressed his enthusiasm about the acquisition, stating, “We are pleased that the due diligence process has culminated in the execution of a definitive agreement. With a robust treasury and an experienced technical team, we are well-positioned to build on the solid groundwork laid by WDR, which has resulted in the identification of multiple high-priority gold and copper drill targets.”

As part of the deal, WDR shareholders will get around 16,161,441 common shares of FSX. For every 7.028 WDR shares they hold, they’ll get one FSX share. The deal also includes plans for WDR warrant holders and optionees to get FSX shares.

The deal still needs to be approved by WDR shareholders and the TSX Venture Exchange. It also needs to meet some other standard conditions. Once the deal is done, FSX plans to appoint Iain Martin, a director of WDR, as a director of FSX.

This strategic acquisition comes at a time when the global mining boom is projected to accelerate in 2023, with several major mining developments planned worldwide. As FSX continues to expand its portfolio and strengthen its market position, it is well positioned to exploit the growing demand for these metals and minerals.