Battery Minerals makes copper buy
PERTH (miningweekly.com) – ASX-listed Battery Minerals will acquire the Russell copper project, in Western Australia, from syndicate iCopper.
Under the terms of the agreement, Battery Minerals will pay A$100 000 in cash and will issue a further A$1-million worth of shares. The company will also make a A$1.5-million payment in cash and shares after 12 months, and after all tenements have been granted to the company.
The Russell project comprises some 258 km2 of tenements and is adjacent to fellow-listed Panoramic Resources’ Savannah nickel/copper/cobalt project.
Battery Minerals executive chairperson David Flanagan on Tuesday said that the project was an outstanding opportunity for the company.
“It means we have a large tenement package in the highly prospective Halls Creek tectonic zone, which is one of Western Australia’s few remaining under-explored mineral provinces.
“The very limited exploration undertaken there highlights the enormous potential, with strong evidence of a significant mineralized system over a large area.”
Preparations are now under way for an inaugural drilling campaign.
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