Chesser Resources (ASX:CHZ) moves to take a controlling stake in a Western Australian nickel-gold property known to host mafic and ultramafic sequences from Mithril Resources (ASX:MTH).
Chesser can earn up to 80% of Mithril’s Kurnalpi project 60 kilometres northeast of Kalgoorlie, which is considered prospective for both nickel sulphide and lode gold mineralisation.
Acquisition of this dominant position at the project will require Chesser to reimburse Mithril’s tenement acquisition costs and spend A4250,000 over four years on exploration.
Chesser can earn an initial 51% interest by completing expenditure of $150,000 over two years.
The deal represents part of Chesser’s continuing strategic review of investment opportunities with cash reserves totalling about $4.25 million.
Last year, Chesser divested its Kestanelik gold project in Turkey for US$40 million.
Mithril will remain focussed on its emerging Stark copper-nickel-platinum group elements discovery near Meekatharra, WA, where surface rock chip samples have graded up to 12.85% copper and 6.97g/t gold.
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