HERON Resources has entered into a letter of agreement to buy Placer Dome Asia Pacific’s Big Four Prospect that is adjacent to Heron’s Goongarrie Nickel Project and has agreed to a $250,000 down payment to cover the nickel laterite resource.
A second payment is to be made based on the indicated mineral resource above a 1 per cent nickel cut-off grade that will be calculated by an independent consultant.
That payment will give Heron full ownership of the prospect.
This second payment will follow a resource drilling program to be conducted by Heron within six months of the executed agreement.
The nickel laterite resource was independently estimated by Snowden Mining Industry Consultants at about 29.2 million tonnes, grading 0.71 per cent nickel and 0.05 per cent cobalt.
The Big Four Prospect is also prospective for gold.
Heron managing director Ian Buchhorn said Big Four filed a four kilometre gap of continuous laterite mineralisation between Heron’s Goongarrie Prospect on the northern boundary and Scotia Dam Prospect on the southern boundary.
"Big Four is virtually the last piece of the laterite jigsaw that Heron has been putting together since 1997," he said.