First Quantum hunts for nickel and copper in WA
PERTH (miningweekly.com) – TSX-listed First Quantum will have until March 26 to make a A$12-million investment into the Mangaroon nickel/copper/platinum project, in Western Australia, to earn a 51% stake.
ASX-listed Dreadnought Resources on Tuesday announced that First Quantum had exercised its earn-in option over the project over the base metal rights covering five tenements, with the Canadian firm able to withdraw from the earn-in requirement at any time during the earn-in phase.
On the satisfaction of the earn-in requirements, the companies would form a joint venture under which First Quantum could increase its interest in the project area to 70% by sole funding expenditure up to a decision to mine.
If the company elects to cease funding expenditure, its interest in the project will revert to a 49% shareholding.
Once a decision to mine has been made, Dreadnought can maintain its 30% holding in the project by contributing to expenditure, dilute to a 20% interest and be loan-carried, to be repaid through revenue, or divest of its 30% interest in the project to First Quantum at fair market value.
Dreadnought MD Dean Tuck said on Tuesday that the potential of the Money intrusion to host significant, high-grade nickel/copper/platinum group element mineralisation has been underscored with nine out of twelve drill holes intersecting disseminated to net-textured nickel/copper sulphides along both sides of a bladed to funnel shaped mafic intrusion.
“With only a handful of relatively shallow holes drilled to date, the Dreadnought-First Quantum team has confirmed a large-scale, fertile nickel/copper/platinum system. We look forward to working with First Quantum on the A$12-million phase of the earn-in,” he said.
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