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Caeneus buys major stake in Pardoo

5th September 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Minerals explorer Caeneus Minerals has acquired a majority interest in the Pardoo nickel project, in Western Australia.

Caeneus on Monday announced that its subsidiary Port Exploration had signed a joint venture (JV) agreement with fellow-listed Segue Resources under which it would spend A$250 000 on exploration within the next 12 months, to gain a 51% interest in the project.

Port Exploration could acquire an additional 29% interest in the project by spending a further A$250 000 on exploration in the following 12 months. Once this has been completed, Segue will have an 18-month period in which to sell its remaining 20% JV interest to Port Exploration.

The Pardoo nickel project is currently estimated to host an inferred resource of 44.7-million tonnes, grading 0.3% nickel and 0.13% copper.

Edited by Creamer Media Reporter

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