Jindalee Resources Limited (ASX:JRL) has entered a binding agreement for Auroch Minerals Limited (ASX:AOU) to earn up to 70% of four tenements in the nickel sulphide-enriched Norseman–Wiluna Greenstone Belt of Western Australia.
Auroch will pay Jindalee $50,000 cash immediately and a further $50,000 cash upon completion of all earn-in commitments and must spend $500,000 on exploration across the four tenements over a three-year period, including $100,000 in the first 12 months.
Successfully meeting all these commitments will give Auroch 70% ownership of the tenure, after which Jindalee will be free-carried until a decision to mine.
“Great nickel sulphide potential”[hhmc]
Auroch managing director Aidan Platel said: “We are very pleased to enter into this farm-in agreement with Jindalee and increase our 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.”
Location of the four new ELs near the Aurochs existing Leinster Nickel Project
The four exploration licences (ELs) comprise 217 square kilometres and are considered to be highly-prospective for both gold and nickel-copper sulphide mineralisation.
Auroch is confident that each of the acquired tenements also have potential to host significant gold mineralisation, given their location and proximity to both historic and operating gold mines, such Read More – Source