Mitsubishi can earn into the Rooipoort and Mapochs prospects by spending up to C$40-million on exploration, over six years, or completing a bankable feasibility on a project – whichever occurs first.
The Rooipoort platinum and nickel project is located approximately 10 km south of Mokopane at the southern end of the Northern Limb of the Bushveld Complex, in the Limpopo province .
Three separate outcropping reefs of platiniferous mineralisation have been located by diamond drilling in the area.
The Mapochs platinum project is located in South Africa's Mpumalanga province, and hosts both Merensky and UG2 reefs at depth, as well as offering the potential of near surface platinum mineralisation, according to Caledonia.
“The injection of up to C$40 million into these exciting exploration projects will enable us to aggressively explore and assess the full potential of these projects through to bankable feasibility study stage. Subject to the completion of a number of mutually agreed conditions, we will immediately commence drilling, with the aim of upgrading and expanding the Rooipoort NI 43-101 resource," said Caledonia president and CEO Stefan Hayden.
New-order prospecting rights have been granted on both projects.