Tyranna Resources Ltd (ASX:TYX) has completed its due diligence on the Goodsprings Cobalt and Base Metals Project in the US state of Nevada.
On 22 March, 2018, Tyranna entered into a binding option agreement to acquire 100% of the Goodsprings Cobalt and Base Metals Project.
The company purchased the option for $100,000 and had 14 days to complete due diligence and make a decision to purchase.
READ: Tyranna Resources to acquire high-grade cobalt and base metals project, shares jump 30%
Both parties will now work together to satisfy all of the conditions precedent, which include the drafting of the sale and purchase agreement.
The acquisition would move Tyranna into the cobalt space
The Goodsprings Cobalt and Base Metals Project comprises 329 mining claims covering 26.6 square kilometres.
In the early 1920s around 20 tons of cobalt-rich ore was shipped from four separate copper mines to processing facilities.
Significantly, these shipments assayed between 6% and 29% cobalt.