West Perth-based Apex Minerals NL and its joint venture partner Maximus Resources Ltd have simplified ownership of the Narndee joint venture through a deal that sees Apex acquire 1.5 million shares and 1 million options in the South Australian company.
The full text of a company announcement is pasted below
Apex Minerals NL (ASX: AXM) advises that it has reached agreement with Maximus Resources and other parties to restructure its residual minority interests (diluting to 15%) in various tenements in which Maximus Resources (Maximus) is earning a 70% interest under the terms of the Narndee Joint Venture.
Under the terms of the restructure, Apex will receive 1.5 million shares and 1 million options in Maximus.
This transaction will increase Apex's stake in Maximus to 3.5 million shares and 2 million options, and is subject to the approval of Maximus' shareholders.
The transaction will simplify the complex ownership structure of the tenement package and streamline the management of the Narndee project, enabling Maximus to expedite its nickel sulphide and uranium exploration programs and providing Apex with exposure to this via its shareholding in Maximus.
The Narndee layered intrusions are considered highly prospective for nickel-copper-PGE deposits of the class which includes the Voisey's Bay and Sally Malay deposits.
In this regard, two electromagnetic (EM) conductors recently identified in the Milgoo area, represent high quality nickel sulphide targets.
The most prominent conductor has been modelled as an 850m long body with a down dip extent of 300 metres, and the second conductor is some 300m long.
Both are located in areas of poor outcrop, and in the vicinity of anomalous nickel and PGE intersections obtained in previous drilling, which includes 8m @ 0.5% nickel in sulphide bearing ultramafic.
