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Caeneus Minerals increases stake in nickel project

While lithium exploration continues in Nevada, Pardoo is highly valued.
nickel on the periodic table
Drilling at Pardoo is expected to start in late 2017

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.

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