28/05/2019 - 11:46

Auroch to buy Minotaur’s WA nickel assets

28/05/2019 - 11:46

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Auroch Minerals is tapping into the resurgence of nickel activity in Western Australia, striking a deal to acquire Minotaur Exploration’s Saints and Leinster projects near Kalgoorlie.

Auroch to buy Minotaur’s WA nickel assets
The Saints and Leinster projects are part of a 122 square kilometre tenement package in the Eastern Goldfields.

Auroch Minerals is tapping into the resurgence of nickel activity in Western Australia, striking a deal to acquire Minotaur Exploration’s Saints and Leinster projects near Kalgoorlie.

Subiaco-based Auroch will pay Minotaur $1.4 million in shares and $100,000 in cash to acquire the two nickel projects.

Adelaide-based Minotaur said the divestment of its WA nickel assets was part of its strategic focus on base metals prospects in Queensland and South Australia.

Saints and Leinster are part of a 122 square kilometre tenement package in the Eastern Goldfields.

Auroch chief executive Aidan Platel said the Saints and Leinster nickel projects were located in one of WA’s most nickel-endowed greenstone belts, presenting great potential for significant nickel sulphide resources.

“This acquisition provides Auroch with existing nickel resources as well as multiple drill-ready targets that the company will begin systematically testing immediately,” he said.

“The company is bullish on nickel and will utilise its excellent in-house nickel exploration technical expertise to continue its strategy of aggressively exploring for base metals in Australia.”

Last week, Mincor Resources moved closer towards a revival of its nickel operations after buying the Long mine from Independence Group for up to $9.5 million, while also announcing a $23 million capital raising.

Earlier this month, BHP Group announced it would retain its BHP Nickel West business, as the price of the battery metal begins to rebound.

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