Active exploration company Essential Metals announced today that it has signed a $4M farm-in joint venture agreement with unlisted resource company Crest Investment Group Ltd (“CREST”) via a subsidiary to unlock the nickel sulphide potential of the Company’s Blair-Golden Ridge Project in WA.
Crest Group is a natural resources investment group led by its Executive Team and supported by a group of High Net Worth Investors and Family Offices.
Under the agreement, CREST – backed by ex-Jubilee Mines and Independence Group executive – will spend $4 million to earn a 75% interest in nickel rights, with a minimum annual spending of $750,00, over the course of four years.
Currently, Essential Metals retains all gold and other non-nickel related mineral rights.
Upon CREST earning 75% interest in nickel rights, Essential Metals will retain a 25% interest and no obligation to fund the Joint Venture up until a Decision to Mine is reached.
Commenting on the agreement, Essential Metals Managing Director Tim Spencer said: “Securing the involvement of such experienced nickel explorers and mine operators as partners at the Blair-Golden Ridge Project is an exciting and very positive development for the Project.
Spencer added that while the Company will actively explore gold prospectivity of the project, CREST will undertake nickel exploration and vice versa.
“We believe that the involvement of the CREST team will maximise the chances of another nickel discovery being made.”
