Rumble signs Frasers Range earn-in deal
PERTH (miningweekly.com) – Explorer Rumble Resources has signed an earn-in agreement to acquire a 75% interest in the Zanthus nickel and copper project, from fellow-listed Blackham Resources.
The Zanthus project is located some 18 km east of the recently discovered Nova nickel deposit.
Rumble told shareholders on Thursday that the transaction had repositioned the company as a major player in the Fraser Range nickel province, with 796 km2 of ground prospective for nickel/copper massive sulphides.
“Rumble is excited about the acquisition and what this might lead to for the company’s shareholders. This region is fast becoming the world’s most exciting emerging nickel province. Due to the current ground position, Rumble has now stamped itself as a major player in the Fraser Range,’ said CEO Shane Sikora.
Under the terms of the agreement, Rumble has agreed to acquire all the basement mineral rights in the project, excluding coal and mineral sands.
The company would acquire its first 20% stake in the project by issuing Blackham with two-million shares. This stake could be increased to 50% if Rumble spends A$1-million in exploration over the next two years.
On meeting the 50% interest, Rumble would make a payment of A$250 000, of which 30% would be in cash and the remainder in Rumble shares.
To increase its stake to 75%, Rumble would spend an additional A$1.5-million on exploration within the following two years, and once this milestone has been reached, would make an additional A$500 000 payment to Blackham, also in cash and shares.
Sikora said on Thursday that Rumble would now move to develop a methodology to systematically explore the Zanthus project, in an effort to generate high-priority nickel and copper sulphide targets.
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