Business
Tenement position in nickel sulphide area secured
Tenement position in nickel sulphide area secured.
About this update from Strategic Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 5741N Strategic Minerals PLC 01 February 2016 \n\n1 February 2016\n \nStrategic Minerals plc\n(\"Strategic Minerals\" or the \"Company\")\n \nTENEMENT POSITION IN EMERGING NICKEL SULPHIDE PROVINCE\nIN WESTERN AUSTRALIA SECURED\n \nThe Board of Strategic Minerals plc (AIM: SML; USOTC: SMCDY) announces that it has executed an agreement to acquire up to a 50% interest in Central Australian Rare Earths Pty Ltd ('CARE'), a subsidiary of Australian private company Rarus Limited ('Rarus'), which holds or has an agreement to acquire tenements with nickel sulphide and rare earth element ('REE') exploration potential in Western Australia and the Northern Territory of Australia.\n \nStrategic Minerals has the right to acquire up to 50% of CARE for AUD 380,000 (approximately USD 270,000 or £190,000) with an initial subscription of 25.5% acquired for AUD 130,000, which will be used to repay third party loans made to CARE to fund tenement fees. Strategic Minerals has the right to acquire up to an additional 24.5% over a 12 month period for AUD 250,000 (the \"Second Subscription\") with each subscription for shares to be a minimum of AUD 50,000. After Strategic Minerals has subscribed for AUD 380,000 worth of shares in CARE it will own 50% and Rarus will own 50%. Each party will fund its 50% of costs for future work or either party can be diluted.\n \nThe AUD 250,000 from the Second Subscription will be used to fund a nickel sulphide exploration drilling programme at the highly prospective Hanns Camp Prospect located within CARE's Laverton Project. The Laverton Project is a farm-in joint venture with ASX-listed Focus Minerals Limited ('Focus') that grants CARE the right to explore twelve of Focus' tenements near the Western Australian Goldfields town of Laverton for, and 90% ownership of, nickel and other commodities discovered in the tenements excluding gold, copper (where it is the dominant commodity present) and silver to which Focus maintains 100% ownership rights.\n \nThe Laverton Project is located in the emerging 'Eastern Yilgarn Craton Nickel Sulphide Province' in Western Australia that is most notable for hosting the Mount Windarra and South Windarra nickel sulphide deposits located 12km west of the Laverton Project, which together produced 8.1 million metric tonnes at 1.51% ...