Cassini Resources Ltd.'s wholly owned subsidiary Wirraway Metals and Mining Pty. Ltd. will acquire the exclusive rights to all of Traka Resources Ltd.'s Musgrave tenements in Western Australia.
Traka has agreed to transfer all of its rights in the tenements to the West Musgrave nickel-copper project, Cassini's joint venture with OZ Minerals Ltd., for A$250,000. Traka will maintain a 2% net smelter royalty over the tenements.
Cassini said Dec. 18 that the package includes two granted exploration licenses adjacent to the Succoth deposit.
The transaction will give Cassini's subsidiary access and exclusive rights to minerals on exploration licenses 69/3156 and 69/3157, and exploration license applications 69/2749, 69/3490 and 69/3569.
The acquisition increases the joint venture's position in the West Musgrave province to about 9,500 square kilometers.