THE BOURSE WHISPERER: Calidus Resources (ASX: CAI) has entered into a Farm-in Agreement with Nimble Resources, giving it the right to earn up to 90 per cent of a highly promising tenement (E46/1035) located about 75 kilometres from the company’s 1.5 million ounce Warrawoona gold project in Western Australia.
The tenement in question is located along strike of two geochemical trends identified on tenements immediately to the west.
“The farm-in agreement with Nimble provides Calidus with another low-cost opportunity to consolidate the company’s land position in a highly prospective region,” Calidus Resources managing director Dave Reeves said in the company’s ASX announcement.
“The Nimble ground provides Calidus with the potential to add greenfields projects to the Blue Spec satellite mining operation that will provide ore to the central Warrawoona processing facility.
“Many soil and rock-chip anomalies on the tenement have not been previously followed up with drilling.
“Fieldwork will start in earnest this calendar year.”
Under the terms of Farm-in, Calidus can at its election:
Stage 1: Earn a 25% interest with an initial minimum exploration expenditure of $75,000 within 1 year from the commencement date.
Stages 2-4: Earn a 50% interest (Stage 2 Earn In) with a further $125,000 of exploration expenditure within 2 years of the commencement date.
Stage 3: Earn a 75% interest (Stage 3 Earn In) with an additional $300,000 of exploration expenditure within 4 years of the commencement date.
Stage 4: Earn a 90% interest (Stage 4 Earn In) with a further $300,000 of exploration expenditure within 6 years of the commencement date.
Nimble will retain Alluvial Rights on the tenement.
Standard CPs apply including the extension of the term of the tenement until 2025.
TO READ THE FULL ANNOUNCEMENT: CLICK HERE