Forrest's Wyloo seals third Canadian deal
Australian mining billionaire Andrew Forrest’s Wyloo Metals has sealed a new Canada nickel deal, focusing on the drill-ready West Ragland nickel project in Nunavik, Quebec.
Wyloo has signed a C$25-million option and joint venture agreement with TSX-V-listed Orford Mining to acquire up to 80% of the project.
This agreement is Wyloo’s third Canadian investment, and follows several similar strategic investments aimed at supporting the discovery of critical battery-related commodities. In December, Wyloo announced a deal to become a cornerstone investor in Noront Resources, which is developing the Eagle’s Nest nickel project in the Ring of Fire.
Wyloo head Luca Giacovazzi said in a statement that the agreement provided a strategic opportunity for the company to join forces with Orford to accelerate exploration of the West Raglan project and unlock its potential.
West Raglan covers an area of 663 km² in one of the last remaining areas of the prolific Cape Smith Belt that has not undergone systematic, modern day exploration.
The project is located in the west-central portion of the belt, which is also home to Glencore’s Raglan mine and Canadian Royalties’ Nunavik mine. Historic exploration at West Raglan identified nickel/copper/cobalt and platinum group elements (PGEs) mineralisation hosted in ultramafic units over a strike length of about 35 km.
Six significant discoveries have been made on the property at shallow depths, with the best results being from the Frontier zone, which contains five high-grade mineralised lenses with grades in the range of 2% to 3% nickel, 1% copper and 2 g/t PGEs.
“Continuing the discovery of metals like nickel is critical to achieving a low carbon future, which is why we are committed to supporting exploration. To maximise our chances of discovery, we know that we need to be exploring in proven endowed mineral belts. This is why we are so excited about West Raglan. We’ll be using modern technologies to look deeper and more effectively than others before us, as we search for the next great Canadian nickel discovery,” Giacovazzi said.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation