Nickelore has signed MOA with the holders of prospective manganese, gold and copper project on the island of Flores, Indonesia, with the right to acquire up to a 90% interest in the Project via payment of share and cash consideration and meeting phased exploration expenditure requirements.
In addition, Nickelore has halted its due diligence program at the Papua Gold & Copper Project until further notice. The company said that the acquisition forms part of Nickelore's ongoing strategy to acquire mineral projects within Asia and specifically Indonesia, where recent positive changes to the mining law and general prospectivity greatly enhance the potential for economic success.
The MOA is subject to Nickelore being satisfied with the results of its ongoing legal due diligence program. Under the terms of the MOA, existing and future applications by the vendor for additional ground within 10 kilometers radius of the current Project area will become part of the Project in the event they are granted.
The Project area, a large single tenement of some 23,000 hectares is located on the Island of Flores in Indonesia, 630 kilometers east of Bali and forms part of the Banda Arc, a Tertiary volcanic belt that is still active.
The Project is located on the north coast of the Island close to a port and the small coastal township of Pota. Daily flights operating from Bali to Flores. The Project area has been subject to initial field work including geological mapping and rock chip sampling and this work has produced highly anomalous base metal, gold, silver and manganese samples.
Manganese samples of up to 52% have been collected from regional mapping within the tenement and the potential exists to locate a similar sized deposit to those being mined on the adjacent ground. The proximity of the project area to the coast allows for easy shipment of product should a deposit be identified.
Mr Ron Heeks ED of Nickelore said that a review of recently collected field data and a site visit by Nickelore management including Indonesian based Exploration Manager Mr Prayogo Hargyono confirms that the area has the potential to contain a large base metal and gold deposit.
(Sourced from Proactive Investors)
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