Minotaur Exploration is selling its Leinster area tenements in Western Australia to an unnamed private purchaser, which is consolidating the area into a regional nickel play to be listed later this year.
The $A1.55M deal includes a $1M stake in the new nickel vehicle, $500,000 cash on mining within the Leinster tenements and $50,000 cash up-front, allowing the company to focus on its Saints nickel resource, 65km NW of Kalgoorlie, which has an inferred 1.05Mt resource @ 2% Ni for 21,000t of nickel, 0.2% Cu for 1,600t copper and 0.06% Co for 600t cobalt, using a 1% Ni cut, where an in-fill EM survey has just concluded.