JOHANNESBURG (miningweekly.com) – Perth-based base and precious metals explorer Cassini Resources has entered into an option agreement to earn into the Yarawindah Brook project, located in agricultural land near New Norcia, Western Australia.
The option agreement will see the company earn into the early stage nickel/copper/cobalt project through private company Souwest Metals, a business associated with Kalgoorlie prospector Scott Wilson.
The earn-in option comes as Cassini is actively searching for new development opportunities to add to its existing portfolio, as the West Musgrave Joint Venture with fellow ASX-listed OZ Minerals is proceeding to Stage 2 of the earn-in.
Cassini said on Monday that exploration at the Yarawindah Brook project had been sporadic, but noted that the most recent drilling, in 2007, targeting surface anomalies, returned encouraging results, including 7 m at 1.3% nickel, 0.22% copper and 0.06% cobalt. Historic drilling has identified primary nickel and copper mineralisation over a strike length of at least 2 km, with only a small number of these holes deeper than 100 m.
Cassini has taken an option to earn an 80% equity interest in the Yarawindah project through an option fee of A$50 000 and committing to spend a minimum of A$250 000 on the project before March 30, 2019.
Should the company decide to progress and acquire 80% of the shares in Souwest, a further payment of A$300 000 in cash or shares would be made.