Venture Minerals has entered a joint venture with a private group to buy into a nickel-copper exploration project called Caesar Project on the edge of Yilgarn Craton in Western Australia.
Under the agreement, Venture Minerals can earn up to 75% interest in the project by funding exploration tasks. If the exploration proves successful, Venture Minerals will also have the opportunity to increase its ownership to 90% by financing a bankable feasibility study.
The Caesar Project contains a gabbroic body that contains magmatic nickel-copper mineralisation similar to the Nova Bollinger, Nebo-Babel and Savannah nickel-copper deposits of Western Australia.
Venture Minerals managing director Hamish Halliday said: “In assessing the potential of the Caesar Project, we were particularly pleased to see nickel and copper sulphides already identified in surface samples, a substantial surface geochemistry response and a coincidental gravity high.
“We believe the Caesar Project offers Venture a cost-effective exposure to an exciting style of mineralisation.”
Caesar Project is located approximately 200km of Geraldton and comprises granted exploration licence covering 49km². It also includes an additional 193km², which Venture Minerals recently filed application for exploration licence.
Previous exploration work on the Caesar Project suggested that the gabbroic intrusive contains disseminated nickel and copper sulphides.
The company will look to progress this work by concentrating on the potential identification of any massive sulphide bodies associated with gabbroic intrusive.
According to the deal, Venture Minerals will pay Muggon Copper $25,000 cash and issue $25,000 in shares after signing the heads of agreement. VMS must spend $1.5m within three years to earn 51% interest in the project and a further $4.5m in the next three years to gain 75% interest in Caesar Project.
Venture Minerals also has the right to refuse if Muggon Copper decides to sell its interest at any time based on an independent expert’s valuation.
Image: The location map of Caesar Project. Photo: courtesy of Ventureminerals.com.au.