PLD signs option over Rocky Gully
PERTH (miningweekly.com) – Junior PLD Corporation has signed a 12-month option agreement to acquire the Rocky Gully nickel/copper project in Western Australia.
Under the terms of the option agreement, PLD would pay a total of A$50 000 to sign the option and some A$280 000 to exercise the option for a minimum 90% of the project.
The project includes four contiguous tenements covering a total area of 1 500 km2 in the western portion of the Albany Fraser belt. PLD noted that due diligence and exploration would start immediately on the project, with the company undertaking a focused programme to evaluate the potential of Proterozoic cirum-cratonic intrusive-associated magmatic nickel/copper deposits, similar to the recent Nova discovery.
Work programmes over the next 12 months would include data compilation, soil sampling, geophysical surveys and air core drilling.
The minimum expenditure commitment to the tenement equals some A$50 000 a year, which PLD said provided the company with flexibility in the application and timing of expenditure.
Meanwhile, PLD would undertake a capital raising to raise A$1-million, and noted on Monday that firm commitments had already been received for a share placement of 75-million fully paid ordinary shares, at an issue price of A$0.008 a share, to raise A$600 0000.
A share purchase plan would also be undertaken to raise some A$400 000.
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