Auroch Minerals Ltd. said May 28 that it agreed to acquire the Saints and Leinster nickel projects in Western Australia from Minotaur Exploration Ltd. for A$1.4 million in shares and A$100,000 in cash.
The Saints project hosts an inferred resource of 29,500 tonnes of nickel, 1,600 tonnes of copper and 600 tonnes of cobalt contained in 1.05 million tonnes grading 2.00% nickel, 0.20% copper and 0.06% cobalt, at a 1.0% nickel cut-off. The Leinster project's inferred resource stood at 8,300 tonnes nickel and 1,800 tonnes copper contained in 600,000 tonnes grading 1.39% nickel and 0.30% copper.
At completion, Minotaur may appoint one director to Auroch's board.
Auroch said it plans to undertake drilling over the next 12 months to test targets, beginning with possible extensional zones to the existing nickel sulphide resources.
The divestment of the noncore assets is part of Minotaur's focus on its base metals prospects in Queensland and South Australia.