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Element 25 amends agreement with Magmatic Resources for Mt Venn acquisition

The Mt Venn project covers 60% of the Mt Venn Igneous Complex and is along strike from the recent discovery of the same name by Great Boulder Resources.
Acquisition sign
Element 25 retains a 2% net smelter royalty on any production from the project

Element 25 Ltd (ASX:E25) has agreed to amend the terms of a binding agreement with Magmatic Resources (ASX:MAG) to acquire the Mt Venn Copper-Nickel-Cobalt Project near Laverton in Western Australia.

The companies have waived the requirement for Magmatic to spend a minimum of $500,000 on exploration in consideration for the issue of 2 million unlisted options.

READ: Element 25 progressing PFS on budget and on time, drilling underway

These options are exercisable at 3 cents on or before five years from the issue date.

Magmatic has confirmed that it has met the following monetary terms of the binding agreement:

  • Payment of $250,000 in cash to Element; and
  • Issue of $425,000 in ordinary fully paid Magmatic shares.

Magmatic has also been granted new tenement licence E38/3351, adding to its Laverton/Yamarna regional project portfolio. which includes:

  • Yamarna Gold Project – 20 kilometres from the 6 million ounce Gruyere mine, which is under construction: 1 granted tenement and 2 exploration tenements under application; and
  • Mt Venn Copper-Nickel-Cobalt Project: 2 granted tenements (1 newly granted).
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