The company has divested its interest for total consideration of $1.5 million in cash and shares.
All conditions precedent including the provision of signed transfers, all mining information and statutory consents have been completed and the completion payment and share issue have been received from Cyprium.
Horizon’s divestment was made on the following terms:
- $250,000 in cash and $400,000 in Cyprium shares on completion;
- $350,000 in Cyprium shares 12 months from completion;
- $300,000 in Cyprium shares 24 months from completion; and
- $200,000 in Cyprium shares on a decision to mine from the tenure.
Nanadie Well project
The project is around 650 kilometres northeast of Perth and 75 kilometres southeast of Meekatharra in the Murchison District of Western Australia, within mining lease M51/1040.
It lies around 75 kilometres ENE of Cyprium’s Hollandaire deposits, which includes mineral resources and other high-priority drill-ready targets to be included in the Cue Copper Project scoping study.
The Nanadie Well project also has the Stark copper-nickel-PGE prospect along with several drill-ready targets that offer exploration upside.
Initial focus on geological interpretation
Cyprium executive director Barry Cahill said: “We are pleased to complete the 100% acquisition of the Nanadie Well Project, which includes a substantial 2004 JORC-compliant copper mineral resource that has multiple shallow and broad intersections which are open along strike and at depth.
“It has several drill-ready targets that offer excellent exploration upside.
“The Nanadie Well deposit and Stark mineralisation are both very prospective, and we will initially focus on geological interpretation activities from which we will then plan our resource definition and extensional drilling programs.”