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Magmatic Resources gets waiver for A$500,000 spend for Mount Venn acquisition

Magmatic Resources Ltd. said May 29 that a A$500,000 minimum spend requirement as part of its acquisition of the Mount Venn copper-nickel-cobalt project in Western Australia from Element 25 Ltd. was waived in exchange for 2 million options.

The options are exercisable at 3 Australian cents within five years. The Australia-listed explorer has already paid A$250,000 in cash and A$425,000 in shares in connection to the transaction.

Meanwhile, Magmatic was granted tenement license E38/3351 abutting the Mount Venn project to the north.