THE BOURSE WHISPERER: InterMet Resources (ASX: ITT) has executed a binding Option Agreement with Rossiter Minerals for an exclusive six month option to acquire an 80 per cent interest in the Calypso nickel sulphide project located in Western Australia.
InterMet described the Calypso project as an early-stage nickel exploration project.
It is located north of Kalgoorlie within the southern extent of the Agnew-Wiluna Nickel Belt, a nickel sulphide province that hosts world-class deposits including Mt Keith, Perseverance Pit, Honeymoon Well and Cosmos Deeps.
“Given the prospectivity of the Agnew-Wiluna Belt, the acquisition of the Calypso project is an exciting exploration opportunity for InterMet,” InterMet Resources director Andrew Richards said in the company’s announcement to the Australian Securities Exchange.
“As we work together with Cygnet Capital to restructure InterMet as an emerging resources company, the Option represents a significant milestone.”
InterMet will conduct a due diligence program focusing on confirming the presence of disseminated sulphides that were encountered in ultramafic rocks by BHP Minerals during purely gold-focussed exploration in the mid-1980s.
Aeromagnetic image showing location of Zeus and Argo prospects within the Calypso nickel project. Source: Company announcement
According to InterMet, BHP Minerals described intersecting the sulphides in consecutive holes on a single line of shallow aircore drilling over the Zeus prospect.
Zeus is one of two discrete, intense aeromagnetic anomalies of approximately one kilometre BHP Minerals identified within the Calypso project.
Zeus and the other aeromagnetic anomaly, Argo, will be the focus of InterMet’s due diligence during the term of the Option.
InterMet plans to twin the BHP drill holes in an attempt to confirm the presence of nickel mineralisation and review the existing relationship between the anomalies and the previous sampling results to establish the potential of these prospects.
InterMet shares were unchanged at 2.5 cents.