Exercise of the option involved the payment of $40,000 and the provision of formal notice to the group’s joint venture partner, Cobalt Queensland Pty Ltd.
Traka can earn up to 51% of project by investing $1 million in exploration
Traka has a minimum expenditure commitment of $300,000 in the first year of its joint venture with Cobalt Queensland.
The company can earn 51% by spending an additional $700,000 in the following 2 year period.
Traka examines correlations between copper and cobalt mineralisation
Traka has commenced preparatory work on the project to enable the start of field work after the current wet season.
Historic exploration data is being reviewed and reprocessed in light of newly found information linking high grade copper and cobalt mineralisation in the region.
This correlation is particularly significant in this region where specific sedimentary rock units terminate against structures of the Fish River Fault Zone (FRFZ).
Valuable mapping of mineralisation between Walford Creek and Gorge Creek
The regional scale FRFZ and the sedimentary host rocks to mineralisation found at Walford Creek are mapped through to Gorge Creek.
There are 30 kilometres of known but untested FRFZ structures in the Gorge Creek project area with anomalous soil and rock geochemistry already indicating good prospectivity.
The tenements to be explored by Traka Resouces have not historically been tested for cobalt.