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Riva Resources enters agreement to acquire cobalt-nickel project

A drilling program is being planned for early 2018 at the Tigers Creek Prospect.
Picture of cobalt symbol on periodic table
The majority of historical drilling did not assay for cobalt and scandium

Riva Resources Ltd (ASX:RIR) has entered into a binding agreement to acquire 100% of the Hylea Cobalt-Nickel-Platinum-Scandium Project from Providence Metals Pty Ltd.

Consideration for the acquisition is $8 million, consisting of an upfront cash payment of $4 million followed by the issue of shares and an agreement for a percentage of sales royalties.

The Hylea Project is located in one of Australia’s premier cobalt-scandium-nickel province in the central west region of New South Wales, Australia.

The area is home to prominent ASX listed players such as CleanTeq (ASX:CLQ), Australian Mines (ASX:AUZ) and Platina Resources (ASX:PGM).

Drilling planned at Tigers Creek Prospect

An extensive, shallow drilling is being designed and permitted to both infill and expand the current cobalt and scandium mineralisation at the Tigers Creek Prospect.

It is scheduled for early 2018.

At Tigers Creek 115 historical drill holes for 5,634 metres have previously defined broad laterite hosted nickel and platinum mineralisation.

Results include 7 metres at 0.32% cobalt, 0.15 g/t platinum and 0.55% nickel.

Drill samples from only 33 of these holes were partially assayed for cobalt and scandium and returned high-grade results.

Proximity to established infrastructure beneficial

The project is located within an established mining district close to road, rail and grid power infrastructure with a highly experienced workforce.

Key projects and mines in the region include North Parkes, Newcrest’s Cadia operations and Evolution Mining’s Cowal gold mine.

The share price at midday was standing at $0.007.

 

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