PERTH (miningweekly.com) – Nickel miner Western Areas was putting foot to pavement in the exploration of fellow-listed Gunson Resources’ Fowlers Bay project, in South Australia.
Gunson on Thursday told shareholders that Western Areas was expected to imminently start exploration over the Fowlers Bay project area.
Under an October joint venture (JV) transaction with Gunson, Western Areas could acquire a 75% interest in Gunson’s Fowlers Bay nickel project by spending A$800 000 within two-and-a-half years of the agreement date.
The company could then elect to earn an additional 15% interest in the tenement by spending a further A$400 000 within an additional 18-month period. Following the completion of the Stage 2 spending, a JV would be formed.
Gunson noted that the first phase exploration would include detailed airborne geophysical surveys over the project area to facilitate the geological interpretations and to allow for initial target generation. A combination of drilling and further geophysics would then be used to screen initial targets and generate further targets for detailed assessment.
The total area under the proposed JV projects covers about 2 746 km2.