Australia's Diatreme slips on farm-in deal for copper-gold project

Diatreme Resources

05/08/2021 02:39

** Minerals explorer Diatreme Resources  DRX.AX  slips as
much as 8% to A$0.023, biggest intraday pct drop since June 28
    ** Says https://diatreme.com.au/media/1484/drx_clermont_5-aug-21.pdf
 entered a binding MoU with Metallica Minerals  MLM.AX  for
DRX's Clermont copper/gold project in central Queensland
    ** MoU entails MLM to spend at least A$300,000 ($221,430.00)
before the end of the year to gain a 25% stake in the project
    ** MLM says https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02403934-2A1313937?access_token=83ff96335c2d45a094df02a206a39ff4
 can earn up to 75% of the project by investing A$2 mln over the
next 2-1/2 years; advances as much as 5.1%
    ** About 2.27 mln DRX shares change hands, vs the 30-day
average of 2.23 mln shares
    ** DRX up ~40%, while MLM has added just over 20% so far
this year as of last close


($1 = 1.3548 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com;))