Ausmon Resources Ltd (ASX:AOA) has been granted an exploration permit for 100% of the Mount Tewoo nickel-cobalt-manganese exploration area in Queensland.
The EPM 26764 permit covers an area of about 178 square kilometres and is 15 kilometres south of Aus Tin Mining Ltd’s (ASX:ANW) Mt Cobalt Project.
Effective from March 21, 2019, the five-year permit was granted by the Queensland Government Department of Natural Resources, Mines and Energy following its application for the permit last year.
The first-year work commitments on the permit consist of a technical review of historical data, geological and geophysical reviews, mapping reconnaissance and sample collection for a total minimum expenditure of $41,000.
The company is also set to issue the final balance of 3,571,428 fully paid shares to New Base Metals in accordance with the acquisition agreement executed in May 2018.