Caeneus Minerals has agreed to acquire 51% interest (stage 1) in the highly prospective Pardoo Nickel project in Western Australia.
The Company’s wholly owned subsidiary, Port Exploration, has a joint venture agreement with Segue Resources whereby Port Exploration can acquire 51% interest in the project by spending $250,000 on exploration within 12 months of signing the Agreement.
Under the agreement, Port Exploration can acquire an additional 29% interest (Stage 2) in the Project by spending a further $250,000 on exploration by no later than 12 months after earning the Stage 1 interest.
Caeneus has thus far spent approximately $110k on project exploration, leaving approximately $140k to earn Stage 1 interest. The company has agreed to issue Segue Resources 35,000,0000 fully paid ordinary shares at a deemed issue price of $0,004 each to satisfy the agreement.
The project, which is located in the Northern Pilbara, 100km east of the regional centre of Port Hedland, is highly prospective for magmatic nickel-copper sulphides. A current inferred resource of 44.7mt @ 0.3% Ni & 0.13$ Cu exists at the sedimentary hosted highway Deposit.
Caeneus said that while its primary focus will remain on progressing the Nevada lithium portfolio, it will also proceed with exploration activities at Pardoo in order to earn the Stage 2 interest.
