Cazaly signs farm-in in Queensland
PERTH (miningweekly.com) – Junior Cazaly Resources has signed a farm-in with Anglo American Exploration Australia over the Lynd nickel project, in northern Queensland.
Under the terms of the agreement, Cazaly would gain full ownership of the project after completing 2 000 m of reverse circulation drilling. Anglo American would retain a once-off clawback right to acquire a 30% interest in the project by paying 300% of Cazaly’s exploration expenditure.
Should the company elect not to claw back, their shareholding would revert to a 1% net smelter royalty.
The Lynd project covered some 1 427 km2, and had been the focus of Anglo American’s exploration since 2006, when the company started its search for magmatic-hosted nickel/copper.
Several priority targets were followed up with detailed mapping and airborne and ground geophysical surveys to identify drill targets. Cazaly said on Tuesday that initial drilling intersected prospective lithologies and sulphides anomalous in copper and nickel and, significantly, confirmed the geological model and potential for orebodies within the project area.
An airborne spectrum survey in 2009 also highlighted several conductors for follow up, but a change in exploration focus later in the year meant that none of the spectrum or low temperature ground electro magnetic targets were followed-up with drilling.
These targets would be Cazaly’s main focus in the first phase of work scheduled for this year.
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