Anaconda casts net wider

Anaconda Nickel Limited has cast its net farther into the prospective base metals pool by farming into the Tottenham nickel-cobalt laterite project owned by Perth-based Alkane Exploration NL.

Under the terms of the agreement, Anaconda can earn 90 per cent equity in the project by spending $1.5 million over a five-year period.

The Tottenham project comprises two exploration licences, centred about twenty-five kilometres to the northwest of the town of Tottenham, 150km north-west of Alkane’s Peak Hill Gold Mine in central western New South Wales.

The tenements cover a combined area of 354 square kilometres and were acquired by Alkane’s subsidiary, LFB Resources NL, from Rio Tinto Exploration (CRAE) as part of the Lachlan Fold Belt divestment package.

Previous, but limited, RAB/auger drilling of selected magnetic targets intersected lateritic nickel-cobalt mineralisation of 26 metres grading 0.7 per cent nickel, 20m at 0.8 per cent nickel, 9.75m at 1.06 per cent nickel and 25m of 0.2 per cent cobalt.