NickelX acquires Penny South gold project
ASX-listed NickelX has signed a binding tenement sale agreement to acquire 100% of tenement E57/1045 known as the Penny South gold project.
The project is located just 550 m south of Ramelius Resources’ Penny West/North gold mine in Western Australia, which boasts an estimated 440 000 t of ore at 22 g/t gold.
“The addition of this exciting gold exploration asset next door to one of the highest-grade gold mines in production in Western Australia, and in a district seeing current M&A activity, greatly enhances our existing portfolio,” commented MD Peter Woods.
He highlighted the potential of the Penny South project, noting the minimal deeper and diamond drilling conducted on the site to date. “It is the company’s view there may be substantial value to be unlocked at depth, and we are eager to execute a path forward to test the theory as the momentum for gold continues.”
Under the terms of the acquisition, NickelX will pay A$60 000 in cash and issue three-million shares at a deemed price of A$0.02 to secure full ownership of the project. Additionally, a deferred cash consideration of A$500 000 will be paid upon the definition of a resource of at least 50 000 oz of gold with a grade of 1 g/t or more, as defined in the Joint Ore Reserves Committee Code. NickelX has also agreed to pay a further A$500 000 for every additional 50 000 oz of gold resource meeting the same grade criteria within five years following the acquisition’s completion.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...
VISIT SHOWROOM
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
