The former ScandiVanadium said this morning it had struck a conditional deal to acquire privately-run Ozexco, which has seven exploration licence applications in Western Australia's Gascoyne region.

 

The projects have already sparked early interest, with Province closing a A$1.34 million heavily oversubscribed placement, supported by Province's directors, and Vulcan Energy backers Gavin Rezos and Dr Francis Wedin.

 

It boosts Province's available capital to $5.2 million.

 

Consideration to Ozexco's vendors is the issue 50 million shares at a 1.5c issue price with a deemed value at $750,000 worth of shares, and an additional 50 million performance shares over three tranches, at milestones, such as a decision to proceed a prefeasibility study within 18 months.

 

The 1408sq.km of assets include the HyEnergy renewable green hydrogen project, and the Gascoyne project, which is prospective for industrial mineral and geothermal energy.

 

David Frances, who will step down as chairman to assume the role of managing director, said the move into the renewable space was focused on decarbonisation of heavy transport and industry through the production of zero carbon hydrogen products using the defined "world-class wind and solar resources" at Carnarvon.

 

While admitting the hydrogen industry is still emerging globally, and in its infancy in WA, state and federal governments, and global capital markets, are investing in hydrogen as a means of meeting the global aim of net zero emissions by 2050.

 

Province's plan is to develop 1GW of renewable generation for 60,000t of hydrogen and 300,000t of ammonia.

 

The leases, just south of Carnarvon, are along trend with Strandline Resources' Coburn mineral sands project, with extensive inter-tidal and alluvium areas, including mud flats in proven salt producing region that may be amenable to large-scale solar salt and potash development comparable to BCI Minerals' long-life Mardie project in the Pilbara.

 

In terms of the more traditional minerals, the Gascoyne generates 65% of WA's salt production, and as BCI has proven potash can also be recovered from seawater, while zircon and titanium dioxide minerals are known to exist along the Gascoyne coast, and Province sees the dunes within the Gascoyne project could replicate the world-class Coburn deposit, although the potential remains untested.

 

Province says all its critical commodities have good forecast growth prospects.

 

The junior has also appointed Rezos' Viaticus Capital as its advisor for its experience in green energy and mineral sands.

 

Province says it plans to complete a mix of early site studies, wind and solar monitoring, shallow core geotechnical drilling, and geochemical sampling and hand auger drilling to draw together a preliminary map of the potential of the HyEnergy and Gascoyne potential.

 

Funds will also support work on Province's gold and nickel assets in WA's Paterson and Fraser Range regions, and its vanadium deposit in Sweden.

 

The junior's shares were up more than 230% this morning to 8.7c, its highest level in more than five years, capitalising the company at $42 million.