Strategic Elements Ltd (ASX:SOR) has entered into formal ballot processes to secure two areas prospective for conglomerate-hosted gold near Marble Bar in East Pilbara, Western Australia.
Other companies in the ballot for the 14 square kilometres of ground are Novo Resources Corp (CVE:NVO) and another privately held company.
Novo has been a pioneer in the conglomerate-hosted gold discoveries in the Pilbara growing from a $60 million market cap to around $650 million.
Mark Creasy related entity forced to surrender licenses
One of Australia’s best known prospectors Mark Creasy is associated with the entity that was forced to surrender the licenses under the mining regulations.
Furthermore, the entity is ineligible to reapply.
READ: Strategic Elements completes fieldwork at three Pilbara gold projects
The ballots for E45/5282 and E45/5285 are expected to be held about 60 days from the application date of 4 July 2018 if no agreement between the parties is entered into prior.
No discussions have been conducted between the parties at this stage.