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- Auroch Minerals (AOU) has signed a binding agreement with Jindalee Resources (JRL) to acquire an interest in four Western Australian tenements
- To earn a 70 per cent stake, Auroch will need to pay Jindalee $100,000 in cash over two instalments and spend $500,000 on exploration over three years
- The tenements are located in the Norseman-Wiluna Greenstone Belt in Western Australia and are prospective for gold and nickel sulphide mineralisation
- The four site’s cover 217 square kilometres and one is adjacent to Auroch’s wholly-owned Horn Prospect and Lenister Nickel Project
- Auroch Minerals’ shares are up 3.28 per cent today, trading for 6.3 cents per share
Auroch Minerals (AOU) has signed a binding agreement with Jindalee Resources (JRL) to acquire an interest in four Western Australian tenements.
Through the agreement, Auroch can earn up to a 70 per cent interest in the tenements, which are located in the nickel sulphide prospective Norseman – Wiluna Greenstone Belt in Western Australia.
Auroch will immediately pay Jindalee $50,000 in cash, followed by a further $50,000 upon the completion of the agreement’s earn-in commitments. Auroch will also need to spend $500,000 on exploration over three years, with the first $100,000 to be spent in the first 12 months. If all these conditions are met, Auroch will earn the 70 per cent interest.
The four sites cover 217 square kilometres and are prospective for both gold and nickel-copper sulphide. One of the tenements is adjacent to Auroch’s wholly-owned Horn Prospect and Lenister Nickel Project.
Auroch Managing Director Aidan Platel said the company was pleased to enter into this farm-in agreement with Jindalee and increase its presence in a highly- endowed nickel sulphide belt.
“The four tenements have great nickel sulphide potential, and the walk-up drill targets add to our existing pipeline of highly-prospective drill-ready targets at our Saints and Leinster Nickel Projects.
The tenure is in the Eastern Goldfields region and close to some large operating gold mines, so it also has great potential for significant gold mineralisation which the Company will assess as part of our exploration strategy,” he said.
Aidan went on to say that the previously announced diamond drilling campaign at its Saints Nickel Project remains ongoing, and the company is looking forward to ramping up its exploration programmes soon.
Auroch Minerals’ shares are up 3.28 per cent today, trading for 6.3 cents per share at 11:48 am AEST.
