White Cliff Minerals Ltd (ASX:WCN) substantial holder Aftron Pty Ltd has purchased 13,333,333 ordinary shares worth $200,000 in on-market trades.
The purchase brings Aftron and associates’ total holding to 26,923,066 shares, representing about 11.65% interest in White Cliff.
READ: White Cliff Minerals new assays feature 40 metres at 0.22% cobalt and 1.75% nickel
The company is defining cobalt and nickel resources at the Coronation Dam Cobalt Project in Western Australia’s Eastern Goldfields.
Coronation Dam is 90 kilometres south of Glencore’s (LON:GLEN) Murrin Murrin mining operation and 45 kilometres south of GME Resources Ltd’s (ASX:GME) proposed Mt Kilkenny nickel-cobalt processing facility.
Recent drilling results at Coronation Dam included: 40 metres at 0.22% cobalt and 1.75% nickel from 8 metres; and 36 metres at 0.10% cobalt and 0.88% nickel from surface.
Glencore is currently mining cobalt and nickel from the Murrin East open pit which contained an initial resource of 66 million tonnes at 1.1% nickel and 0.09% cobalt.