Caeneus Minerals (ASX:CAD) has increased its stake to 80% in the Pardoo Nickel Project located in the Northern Pilbara region of Western Australia.
The company earned the interest from Segue Resources (ASX:SEG) under the standing joint venture agreement and agreed up variations.
Under the agreement, Caeneus earned the first 51% by spending $250,000 within 12 months of signing the agreement and more recently earned a further 29%, which increased its stake to 80%.
The second stage earn-in of the additional 29% was through $75,000 exploration expenditure and the issuance of 58.3 million shares priced at $0.003 to Segue.
The Pardoo Nickel Project is highly prospective for magmatic nickel-copper sulphides.
The project’s sedimentary Highway deposit hosts a current inferred resource of 44.7 million tonnes grading 0.3% nickel and 0.13% copper.
Plans to drill Pardoo in 2017
Earlier this year, Caeneus used a consultant to collate and reinterpret all of the pre-existing geophysical and drilling surveys with a view to pinpointing possible mineralisation targets for follow-up drilling.
As a result of this, 16 targets were defined worthy of follow-up drilling and the company anticipates drilling to start late during the year.