PANORAMIC Resources has agreed to acquire Thundelarra Exploration’s approximate 22% interest in the Copernicus Joint Venture (JV) and its approximate 31% interest in the East Kimberley Exploration JV for a total cash consideration of $800,000. The acquisition will allow for simplified management of strategic assets located near Panoramic’s Savannah Nickel Project in northern Western Australia (WA).
The transaction means that Panoramic will own 100% of both assets and will allow Thundelarra to fully focus on its current exploration strategy at the Red Bore copper prospect near Sandfire’s DeGrussa mine in the Doolgunna region of WA, the Allamber uranium prospect in the Northern Territory and the Curara Well base metals prospect also in the Doolgunna region.
The Copernicus JV was established by Panoramic and Thundelarra in 2006. It is a small nickel sulphide deposit approximately 4km south of the Savannah project. Mining via an open pit began in late 2007, however, the operation was placed on care and maintenance in early 2008 during the global financial crisis.
At the time that mining ceased, transitional ore had been exposed in the floor of the open pit and a small amount was treated through the Savannah mill. Copernicus contains a resource of more than 9950 tonnes of contained nickel and a reserve of more than 3750 tonnes of contained nickel.
The resource comprises 389,003 measured tonnes @ 1.08% nickel, 0.66% copper and 0.04% cobalt; 399,827 indicated tonnes @ 1.38% nickel, 0.99% copper and 0.05% cobalt; and 22,958 inferred tonnes @ 1.01% nickel, 0.70% copper and 0.03% cobalt. The total resource is 811,788 tonnes @ 1.23% nickel, 0.82% copper and 0.04% cobalt for 9951 tonnes of contained nickel, 6686 tonnes of copper and 363 tonnes of cobalt.
The reserve comprises 364,989 probable tonnes @ 1.03% nickel, 0.63% copper and 0.04% cobalt for 3759 tonnes of contained nickel, 2299 tonnes of copper and 146 tonnes of cobalt.
The East Kimberley JV was established in 2009 to explore for nickel, copper and PGM in close proximity to the strategically located Savannah project. The JV consisted of a number of granted and pending exploration licences.