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Carnavale to acquire KalNorth's Grey Dam nickel-cobalt project

Carnavale Resources Ltd. said March 19 that it signed a deal to acquire three gold tenements, namely M28/0378, E28/1477 and E28/2226, forming the Grey Dam nickel-cobalt project and part of KalNorth Gold Mines Ltd.'s Kurnalpi gold project in Western Australia for A$110,000.

In a separate same-day statement, KalNorth said the tenements were sold as they were noncore to the Kurnalpi project.

Carnavale also said it signed a deal to raise A$1.3 million through the issuance of 76 million shares at 1.7 cents each to fund the acquisition and for ongoing working capital.