ASQ has entered into a joint venture with ASX Listed DevEx Resources Limited in relation to ASQ’s E70/3405 located along strike from the Chalice Gold Mines Ltd (ASX: CHN) nickel-copper-platinum group elements (Ni-Cu-PGE) Julimar discovery in WA.
Under the joint venture DevEx has the right to earn-in to the non-bauxite rights of the tenement by an initial spend of $3m to earn a 50% interest with a minimum spend of $250,000. Preliminary assessment by ASQ had identified potential for Ni-Cu-PGE exploration targets to be developed based on regional aeromagnetic data and Geological Survey of Western Australia mapped mafic-ultramafic igneous complexes of the Julimar Intrusive Complex. Once DevEx has earnt its initial 50% interest, ASQ may elect to contribute to further exploration to maintain its 50% interest, or may have DevEx spend an additional $3m to earn a further 20% interest with ASQ diluting.
E70/3405 is granted and ASQ have established land access agreements covering the majority of the area of interest. DevEx plan on commencing exploration on the tenement immediately. ASQ has completed broad scale historic bauxite vacuum drill holes with depths up to 13.5m within the magnetic targets which will be evaluated by DevEx for potential to be immediately assayed.
The project is located in the Darling Range, about 90km east of Perth, Western Australia.
Click this link for further details on the Julimar JV.