USD $4,111.97
Goldman The NME-WTAC joint venture has agreed to acquire 133.41 square kilometres of granted exploration tenure in Western Australia’s Eastern Goldfields.
Nex Metals Explorations Ltd (ASX:NME) has confirmed the East Scotia Gold Project as the second project to be acquired by its joint venture with the Wangkatja Tjungula Aboriginal Corporation.
The acquisition covers three granted exploration licences totalling 133.41 square kilometres, together with a 169.35-hectare prospecting licence. The project is about 60 kilometres north of Kalgoorlie-Boulder along the Goldfields Highway.
Nex Metals said the project overlies the northern extent of the Scotia-Kanowna Granodiorite, which hosts the Golden Cities Mining Complex, and sits within the same lithological and structural sequence as the Kanowna Belle Mining Complex. The company said no modern exploration programmes have been undertaken across the project since the early 2000s.
The joint venture has agreed to pay $100,000 and a 2% net smelter return royalty. Of the cash consideration, 75% is payable on completion and 25% on the successful transfer of the tenements. Completion remains subject to conditions including satisfactory due diligence, with a 31 December 2026 sunset date.
The acquisition costs are being funded by WTAC under the joint venture terms. Subject to approvals, initial field work is expected to include auger geochemistry, geological reconnaissance and first-pass rotary air blast and/or aircore drilling.
Nex Metals Explorations managing director Ken Allen:
Our focus within our Joint Venture with the Wangkatja Tjungula Aboriginal Corporation is to identify assets that exhibit strong geological fundamentals, can be acquired on favourable commercial terms, and offer the potential to be efficiently evaluated through well-planned exploration.
The East Scotia Gold Project meets each of these objectives. Its location within the same lithological and structural sequence that hosts both the Golden Cities and Kanowna Belle mining complexes makes it a compelling addition to our exploration portfolio. We look forward to advancing the Project through the next stage of exploration and further assessing its geological potential.
