Tenement has minimal sustained exploration for gold or nickel and contains numerous evidence of historic small gold mining activities.
Presence of what appear to be fertile host rocks for nickel sulphides within the Tenement (both komatiite-hosted and layered mafic intrusion related) have been previously identified.
A comprehensive Surface Mapping and Sampling Program is planned to commence early March with completion expected the second Quarter 2023.
E77/2691 is located between known nickel sulphide locations (Forrestania nickel deposits to the south and Trough Well to the north).
Gold Potential
Altan Rio will hold the one of the largest tenure over the
A review of historic exploration reports has identified a significant number of targets have been generated. These targets are being scrutinised, leveraging these reports and knowledge of Altan Rio's geology team, a surface mapping and sampling program has been generated.
Nickel Potential
The next phase of review will be to consider the geochemical and geophysical coverage of the Tenement. In this brief review the previously identified Robertsons and Gibney's intrusive nickel-copper-PGE prospect was confirmed as being located within the Tenement. The prospect was subject to exploration in the early 2000s by
Transaction Details
The option exercise price is
If a decision to mine is made the Vendor will have 30 days to contribute or dilute to 1.5% Gross
Both parties have reciprocal 30 day right to purchase the other parties' interest if they are prepared to accept an offer for their rights, title, and interest on arm's length terms.
Vendor may convert its retained 10% interest in the Tenement (the 'Interest') into a 1.5% gross smelter royalty on all metals and minerals extracted from the Tenement (the 'Royalty'). If the vendor wishes to sell the Interest or the Royalty (as applicable), Altan Australia will have a right of first refusal to purchase the applicable interest.
Contact:
Tel: +61 9322 1788
Email: gs@altanrio.com
Cautionary Statement on Forward-Looking Information
This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Altan Rio to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These forward-looking statements are based on management's current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Actual results may differ materially from those currently anticipated in such statements, and Altan Rio undertakes no obligation to update such statements, except as required by law.
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