Wyloo accelerates spending at Canada nickel project
Privately owned Australian firm Wyloo Metals has elected to pursue its second earn-in option on the West Raglan nickel/copper project to 70%, having accelerated spending to earn an initial 51% in the Quebec project, operator Orford Mining reported on Tuesday.
Wyloo has funded exploration expenditures totalling C$6.13-million, enabling the Andrew Forrest-owned investor to satisfy its first earn-in milestone in terms of a 2021 agreement.
In terms of the agreement, Wyloo had to fund C$6-million in exploration by January 18, 2025 to earn a majority interest in the West Raglan project. This has been brought forward to January 18, 2023.
Wyloo has also notified Orford that it is exercising the second earn-in option, which requires an additional C$5-million in expenditures on the West Raglan property by January 18, 2026 to earn an additional 19% interest in the property.
Wyloo can earn up to 80% of the West Raglan project for total expenditures of C$25-million over seven years.
"Orford is very excited to reach this milestone with our partner at West Raglan and looks forward to continuing to move the project forward with Wyloo,” said Orford president and CEO David Christie.
The West Raglan project has yielded significant high-grade intersections including 28.3 m grading 3.2% nickel, 1.32% copper, 2.4 g/t palladium, and 0.7 g/t platinum at the Seahawk Lens.
“Tremendous unexplored potential remains across the 707 km2 property,” said Christie.
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