Ausmon Resources Ltd. said March 22 that Queensland's Department of Natural Resources, Mines and Energy granted its New Base Metals Pty. Ltd. unit a five-year exploration permit, effective March 21, for the 178-square-kilometer EPM 26764.

The first-year work commitments at the permit, dubbed the Mount Tewoo nickel-cobalt-manganese project, require a total minimum expenditure of A$41,000, and work is expected to begin promptly.

With the grant of the permit, the company will issue the final balance of 3,571,428 shares to the vendor of New Base Metals under the April 2018 deal.