NickelX gains shareholder approval to acquire Cosmos South project
尽管被主要的镍矿包围，但Cosmos South过去的探索量有限。
Junior explorer NickelX (ASX: NKL) has received shareholder approval for the proposed acquisition of the Cosmos South nickel project in Western Australia’s prolific Wiluna greenstone belt.
The company has notified private vendor MG Resources Pty Ltd that it will exercise an option to acquire the project and is proceeding with formal agreements, including cash and share considerations and a minimum exploration expenditure commitment.
Under the terms of the option, NickelX will earn an undivided 100% interest in the project by spending a minimum $500,000 on exploration over a 24-month period.
It is required to make milestone payments totalling $150,000 in NickelX shares at 12-months and 24-months from the date of the agreement.
Limited history
NickelX managing director Matt Gauci said Cosmos South was attractive due to its very limited exploration history.
“It has ranked highly on our target list,” he said.
“Following our due diligence, approval of shareholders and now exercise of the option, our team is excited to get on the ground with drilling on the basis of geological interpretation, upgrading magnetics indicating ultramafic rocks and recompiling very strong and large bedrock conductors.”
The project is believed to host a very large and highly-conductive feature, modelled at less than 100m from surface and untested by drilling.
Preliminary exploration
NickelX said it had commenced preliminary exploration work at Cosmos South.
Preparations are underway for Drone Geoscience to complete an airborne magnetic survey in the June quarter, which will aim to better define the magnetic characteristics associated with anomalies identified through moving loop and fixed loop electromagnetic surveys and to map structures and lithology based on these results.
Southern Geoscience Consultants has been contracted to process the data with a view to further mapping ultramafic rocks and identifying drill targets.
World-class location
Cosmos South is located 10 kilometres from the world-class, high-grade Cosmos nickel joint venture between Western Areas (ASX: WSA) and IGO (ASX: IGO), and 20km north of the Leinster nickel project controlled by BHP Group (ASX: BHP) and Nickel West.
The region also hosts world-class nickel deposits at Mt Keith, Yakabindie and Honeymoon Well.