Elysium Resources Limited enters into Binding Agreement to Acquire Prospective Gold and Base Metals Projects in WA's Pilbara and Paterson Regions

EYM has entered into a binding agreement pursuant to which it has conditionally agreed to acquire Hardey Resources Pty Ltd (Hardey).

Hardey owns gold and base metal projects located in the Pilbara region of Western Australia, being the Bellary, Hamersley, Cheela and Elsie North Projects, covering 512km² of Fortescue Group Rocks, as well as the Grace Project located in the Paterson Province in Western Australia (together, the Hardey Projects).

On completion, EYM will have a 100% ownership interest in Hardey and the Hardey Projects. Hardey’s maiden exploration program to commence almost immediately targeting the conglomerate-hosted gold potential of Hardey’s tenement portfolio, initially focussing at the Bellary Project. Exploration will focus initially on the 46 sites of interest identified by Hardey’s geologist that are located within the target stratigraphy of the Fortescue Group Rocks and, in some cases, supported by historic geochemistry gold anomalism.

Hardey employed prospectors will be working in conjunction with EYM geological field team. Phase 1 of the program is expected to take 3-4 weeks to complete and significant results will be reported as they are received.

quote

"This deal elevates Elysium into the Pilbara as a genuine explorer with a highly prospective tenement portfolio and experienced management team. The work undertaken by Hardey as a first mover in the Pilbara gold rush has positioned the company well with high quality gold projects prospective for conglomerate-hosted gold and high grade orogenic gold, following in the footsteps of Novo Resources."

EYM EXECUTIVE DIRECTOR, TERENCE CLEE

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