Cassini Resources Ltd (ASX:CZI) has acquired exclusive rights to Traka Resources Ltd’s (ASX:TKL) West Musgrave tenement package, which will become part of the West Musgrave Joint Venture Project with OZ Minerals Limited (ASX:OZL).
This package near Warburton in Western Australia's Eastern Goldfields includes tenements neighbouring the JV's Nebo-Babel and Succoth deposits and expands the JV position in West Musgrave province to about 9,500 square kilometres.
The exploration tenure, which is prospective for magmatic nickel-copper sulphide, includes two granted exploration licences adjacent to the Succoth deposit.
These are considered to be strategically important for future exploration and development.
An additional three exploration licence applications are considered prospective for magmatic nickel and copper sulphide mineralisation similar to the Nebo-Babel and Succoth deposits.
The JV partners are in the final stages of a pre-feasibility study on the Nebo-Babel deposits in conjunction with a regional exploration program across the West Musgrave Project (WMP).
This acquisition complements the expansion of the WMP on November 25.
West Musgrave province landholdings.
Cassini subsidiary Wirraway Metals and Mining Pty Ltd will acquire access and exclusive rights to minerals on exploration licences 69/3156 and 69/3157 as well as exploration licence applications 69/2749, 69/3490 and 69/3569.
Transfer of the tenements is subject to the receipt of all regulatory approvals and consideration for the sale is $250,000.
Traka will retain a 2% net smelter royalty over the tenement areas.
OZ Minerals has agreed to include the acquisition tenements into the WMP and will reimburse all Wirraway expenses and acquisition costs.