Mandrake Resources Limited (ASX: MAN) has completed due diligence relating to a conditional binding Heads of Agreement with Andean Energy Resources Pty Ltd (AER) to farm-in to an exploration licence application (ELA) located near the recent Julimar Ni-Cu-PGE discovery in WA.
ELA 70/5345, known as the Jimperding Project, is located 70km north east of Perth and approximately 30km east of Chalice Gold Mines Limited’s Julimar Ni-Cu-PGE discovery announced in March 2020.
The 140 sq. km ELA comprising the Jimperding Project was applied for in early March 2020, prior to the Julimar discovery hole announcement and prior to Chalice pegging over 2,000 sq. km of ELAs contiguous to the Jimperding Project.
Mandrak said conditions precedent under the Heads of Agreement for the transaction have now been satisfied, paving the way for targeting work to commence.
Geophysical consultants have been engaged to commence targeting work with initial detailed assessments due in the coming weeks. Mandrake is targeting ultramafic layered intrusives for potential Ni-Cu-PGE mineralisation such as the Newleyine prospect in the south of the ELA.
Through the review of historic detailed geological exploration data, Mandrake identified several compelling high priority prospects within the Berinka Pine Creek Project.
In March 2020 Mandrake successfully located all high priority prospects as well as identifying several previously undocumented prospects warranting further investigation.
Historic surface sampling of the 1.5km-long Newleyine prospect ultramafic intrusive by way of 90 rock chip samples returned assay values up to 0.52% Ni and 805 ppm Cu.
Follow-up drilling at Newleyine confirmed the presence of widespread Ni-Cu-Fe sulphide mineralisation of 0.24% Ni and 172 ppm Cu over drill widths of up to 240m. (see Mandrake ASX release 14 April 2020). Crucially, samples were not assayed for PGEs.
Historic data from Newleyine and several other prospects are currently being compiled, digitised and assessed. These historic prospects, as well as several other prominent magnetic anomalies within the Jimperding Project, are now being re- assessed in the context of Chalice’s currently-unfolding Julimar PGE-Ni discovery.
Mandrake has also implemented a process to expedite the granting of ELA 70/5345.
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