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Nickelx Limited (ASX:NKL)

ALERT: Price-sensitive ASX Announcement for NKL
Current share price for NKL : $0.029 0.009 (45%)+
Announcement
Release
30 Aug 2024 9:14AM
Price at Release
$0.020
Full Release
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Summary
NickelX Limited has entered into a binding tenement sale agreement to acquire 100% of the Penny South Gold Project (E57/1045) from Aurum Resources Limited. The project is located in Western Australia, just 550 meters south of the high-grade Penny West/North Gold Mine operated by Ramelius Resources Limited. This acquisition aims to enhance NickelX's gold exploration portfolio. The Penny South Gold Project includes prospective geological structures and has historical drill results indicating significant gold mineralisation. The acquisition terms include an upfront payment of $60,000 in cash and 3,000,000 shares, with additional deferred payments based on resource achievements. The company plans to conduct detailed geological reviews and target deeper drilling to explore the project's potential.
Key Points
  • Binding Tenement Sale Agreement to acquire 100% of Penny South Gold Project (E57/1045).
  • Located 550m south of Penny West/North Gold Mine.
  • The project includes a ~2.5km strike of the Penny West Shear.
  • Historical drilling indicates significant gold mineralisation.
  • NickelX will pay $60,000 in cash and issue 3,000,000 shares.
  • Deferred payments based on achieving certain resource milestones.
  • Planned detailed geological review and deeper drilling.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.