Strickland Metals Ltd. confirmed that it is selling its Millrose Project to Northern Star Resources Ltd in a deal valued at A$61 million ($41 million), including a A$2 million initial cash deposit, and A$1.5 million in Northern Star shares.

“The Millrose Project was purchased for A$10 million in mid-2021,” said Andrew Bray, CEO, Strickland Metals. “After a highly successful 11-month drilling campaign throughout 2022 costing approximately $16 million, we are now selling the project for approximately $61 million, generating an approximate $35 million profit for the company.”

Located in the Yandal Greenstone Belt in Western Australia, the Millrose Project has a mineral resource comprising 6 million metric tons (mt) with 1.80 g/mt of gold (or 346,000 oz) and an inferred mineral resource comprising 5.77 million mt at 1.40 g/mt of gold (or 257,000 oz).