- Classic Metals has signed a potential multi-million dollar agreement with Independence Newsearch over its Fraser Range project, WA.
- The agreement has started with an initial $300,000
payment,but has room to grow up to $4.55 million
- Fraser Range is known for nickel-copper mineralisation and copper deposits
- The finances from Independence will allow Classic Metals to focus on its Kat Gap Gold Project, also in WA
Exploration company Classic Minerals has entered into an earn-in and joint venture agreement with Independence Newsearch.
The agreement is over Classic Minerals’ Fraser Range Project, located in Western Australia. The project has 28 kilometres of strike length, 19 identified conductors and spans 84 squared kilometres.
Classic Metal’s Chief Executive Officer, Dean Goodwin and Chairman, John Lester, said the agreement “demonstrates the highly prospective nature of our Fraser Range tenements,” as a “highly regarded” mining company is committing funds towards it.
Further, the Independence Group’s finances will allow Capital Metals to boost work at its high-grade Kat Gap Gold Project, also located in WA.
Large scale nickel-copper mineralisation has been discovered at the Fraser Range project as well as proposers copper deposits.
An initial $300,000 was paid to Classic Metals by Independence as part of the agreement. Going forward, for $1.5 million, Independence can choose to take a 51 per cent interest in the project.
For a further one million dollars, Independence can increase its interest to 70 per cent and if Independence chooses to buy out Classic Metals the transaction will cost $4.55 million.