Option exercised to acquire nickel-copper-PGE project
This morning our junior exploration Investment TechGen Metals (ASX: TG1) exercised an option to acquire a nickel-copper-PGE project in the Pilbara, WA.
The project hosts three drill ready, never before drilled EM anomalies where TG1 will be targeting a massive sulphide hosted nickel-copper-PGE discovery.
Project's exploration history:
In 1972, four RC drillholes intersected thick sequences of logged ultramafic rock types — a common host to magmatic intrusive-style nickel-copper-PGE deposits.
One of those holes returned a 111m hit with nickel grades of 0.2%.
The project then had some geochemical and geophysical surveying done with rock chips confirming the right type of geology and highlighting three high priority drill targets.
Below are those three targets:
What is TG1 paying for the project?
So far TG1 has paid $10k in cash, the remaining amounts to be paid are as follows:
- $25,000 in TG1 shares when the acquisition is completed.
- $50,000 in TG1 shares if the company hits a drill intercept measuring at least 5m (continuous) at 1% nickel equivalent within five years of the acquisition.
- $150,000 in TG1 shares if a JORC resource of at least 5mt at 1% nickel equivalent is announced within five years.
- 1% net smelter royalty (NSR) over the project.
Overall TG1 is paying ~$235k and a 1% Net Smelter Royalty (NSR) for a shot at a nickel-copper-PGE discovery across three drill-ready targets.
What’s next?
TG1 needs to organise drill permitting and complete a heritage survey before these targets can be rilled. At this stage, the company hasn't given any indication of when we can expect drilling.
