Join our daily newsletter At The Bell to receive exclusive market insights
- Cyprium Metals (CYM) has officially acquired 100 per cent of the Nanadie Well Copper Project from Horizon Minerals (HRZ)
- Nanadie is located around 75 kilometres east of the Hollaindaire deposits, which forms part of the Cue Copper Project
- The Cue Project, located in WA, is Cyprium’s joint venture project with Musgrave Minerals (MGV)
- Nanadie contains one mining lease, while the company has applied for two exploration tenements to the east and west
- It also contains the Stark tenement and other high priority drill-ready targets
- Shares in Cyprium are up 5.56 per cent at 19 cents each
Exploration company Cyprium Metals (CYM) has officially acquired 100 per cent of the Nanadie Well Copper Project from Horizon Minerals (HRZ).
Horizon first agreed to sell the WA project to Cyprium for $1.5 million in cash and shares back in July this year.
Nanadie
Nanadie is located around 75 kilometres east of the company’s Hollaindaire deposits, which are a part of the wider jointly owned Cue Copper Project.
Cyprium has an 80 per cent interest in a joint venture for the non-gold rights with Musgrave Minerals (MGV) at the Cue Project, which is located in the Murchinson region of WA.
In the meantime, as part of the company’s deal with Horizon, it acquired tenements E51/1040 and M51/887 — the Nanadie Well deposit.
Cyprium said the deposit has a high grade, shallow supergene copper-gold zone and already has a mining licence granted for the area.
Additionally, the Nanadie project also contains the Stark Cu-Ni-PGE prospect, along with a number of high-priority drill-ready targets.
“We are pleased to complete the 100 per cent 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,” Cyprium Executive Director Barry Cahill said.
Scoping study
Looking ahead, the company has applied for exploration tenements E51/1986 and E51/1987, which are located to the west and east of Nanadie.
It’s also started planning exploration work at the site, with all results from Nanadie to be included in the company’s Cue Copper Project scoping study.
“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 programmes,” Barry added.
Shares in CYP are up 5.56 per cent at 19 cents each at 11:21 am AEST.
