PERTH (miningweekly.com) – The share price of ASX-listed junior Ram Resources closed 50% higher on Monday after the company announced the possible acquisition of an 80% stake in the West Kimberley nickel-copper project, in Western Australia.
Ram on Monday said the company paid A$40 000 for a six-month option to acquire the majority stake in the West Kimberley project, with the company able to extend the option by an additional 12 months through the payment of a further A$60 000.
The project is located some 95 km north-east of Derby and covers the north-west extension of the Ruin dolerite, which also hosts the Double Magic nickel sulphide discovery owned by Buxton Resources.
The West Kimberley project had been subject to limited exploration, but Ram MD Bill Guy said the project provided the company with a large ground holding of over 260 km2.
“Ram has been reviewing the Kimberley region for over 12 months in order to prioritise exploration ground considered prospective for nickel sulphides. The Ruin dolerite is similar in age and composition to the intrusion on the east side of Halls Creek Orogen, which hosts the Savannah nickel-copper mine,” Guy said, adding that the company also saw analogies between the Fraser Range and West Kimberley.
Ram shares were trading at a high of 0.3c on Monday, up from a closing price of 0.25c a share on Friday.