Carnavale Resources Ltd (ASX:CAV) (FRA:YBB) has been granted ministerial consent for the transfer of 100% of the Barracuda Platinum-Palladium-Nickel-Copper Project near Mt Magnet in Western Australia to the company.
As consideration for the settlement of the acquisition of granted licence E58/551, $40,000 has been paid to the vendors, Corporate & Resource Consultants Pty Ltd and Bruce Legendre, with 29 million CAV shares also issued.
These shares were issued under the company’s existing placement capacity under Listing Rule 7.1.
$2.1 million raised
Carnavale last month completed a $2.1 million placement to acquire Barracuda and fund initial exploration at the project, which is around 60 kilometres east of the gold mining town of Mt Magnet.
The proposed initial exploration program will include an airborne EM survey and detailed review of the project geochemistry and aeromagnetics followed by subsequent drill testing of any defined targets.
This program includes:
- Fly the project area with airborne EM;
- Digitally capture the Pancontinental soil geochemistry and contour the PGE, nickel and copper data to define metal-anomalous trends;
- Follow-up airborne EM anomalies with ground EM, with priority given to areas with established, coincident PGE-copper-nickel soil anomalism; and
- Drill-test targets subject to results.
As well as the settlement consideration and initial $10,000 non-refundable deposit, Carnavale has granted the vendors a 0.5% net smelter return (NSR) royalty on minerals produced from the tenement.