This occurred after Cassini acquired 80% of the issued share capital of Souwest Metals Pty Ltd – a private company associated with Kalgoorlie prospector Scott Wilson.
Cassini and existing Souwest shareholders have executed a joint venture (JV) agreement with the company to sole fund all expenditure up until a decision to mine is made.
After the sole funding period, Cassini and Souwest will contribute proportionally to the JV or Souwest may elect to convert its then shareholder interest into a 2% net smelter royalty.
Consideration for the acquisition was the payment of $300,000 and the grant of 6.07 million options, each with a 3-year expiry date exercisable at 12.35 cents per share.
Cassini completed an airborne electromagnetic survey (AEM) over the project in early 2018, identifying numerous conductors worthy of further investigation.
A surface fixed loop electromagnetic (FLEM) survey has also been completed over several of the higher priority AEM anomalies in order to confirm and better constrain the conductors prior to drilling.
Recognising the prospectivity of the region, the company has added two additional tenements to the project, taking its total land position to 146 square kilometres.
Cassini is progressing access agreements with the local landholders and environmental approvals in preparation for drill testing.
The Yarawindah Brook project has had limited nickel, copper and cobalt exploration, despite a favourable regional setting, prospective geology and near-surface occurrences of nickel and copper mineralisation.
Historical exploration has focused primarily on a small platinum and palladium (PGE) resource which Cassini views as a 'path-finder' anomaly for potential
massive nickel-copper-cobalt sulphides.