Cassini Resources Ltd (ASX:CZI) has exercised its option to acquire 80% of the Yarawindah Brook Nickel-Copper-Cobalt-Platinum Group Metals Project in Western Australia by acquiring 80% of the issued capital of Southwest Metals.
Consideration for the acquisition is the payment of $300,000 plus the grant of about 6 million options, each with a 3-year expiry date and exercisable at 2.3 cents, being 125% of the company’s 20-day volume-weighted average price (VWAP).
Yarawindah exploration target summary
Cassini managing director Richard Bevan said: “The Yarawindah Brook Project offers Cassini a well-priced entry into an exciting, early-stage exploration project that allows us to leverage our expertise in nickel-copper sulphide systems and provides Cassini with further exposure to the evolving battery metals thematic.
“Cassini’s technical team has generated a number of priority targets that we look forward to drilling as soon as the access agreements have been finalised.”
Settlement of the acquisition is subject to the execution of an incorporated joint venture agreement within 45 days from exercise of the option.
Historical exploration at Yarawindah has focused primarily on a small platinum and palladium resource which the company views as a ‘path-finder’ anomaly for potential massive nickel-copper-cobalt sulphides.
The company completed an airborne electromagnetic survey over the project in early 2018 identifying numerous conductors worthy of investigation.
An access agreement with local landholders and environmental approvals is underway in preparation for drill testing.