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.