NickelSearch Limited (ASX: NIS) has successfully cmpleted the acquisition of all the issued capital in Capella Metals.
Capella holds a 100% legal and beneficial interest in one granted exploration permit, EPM 28620, and three exploration permit applications, being EPM 28791, EPM 28792 and EPM 28793.
NiS exercised an option with Bacchus Resources and subsequently completed the acquisition of a 100% legal and beneficial interest in the five granted exploration permits, being EPM 26987, EPM 27570, EPM 27947, EPM 27439 and EPM 28297.
The Capella Tenements and the Bacchus Tenements (collectively, the Mt Isa North Project) are a portfolio of granted exploration permits and exploration permit applications covering 2,003 sq. km2 in the Mt Isa region, Northwest Queensland, Australia. The Mt Isa North Project is considered prospective for copper, uranium, and zinc-lead-silver deposits.
The Mount Isa region is one of the world’s premier exploration and mining locations and hosts extensive mining-oriented infrastructure, numerous mines and processing facilities, water and power utilities, rail and national highway transport connections, frequent commercial air services, and a skilled labour force.
Capella’s exploration model at Mount Isa recognises that world-class discoveries may be made in structurally favourable sites in parts of the stratigraphy largely overlooked by previous explorers, as well as in various units of known prospectivity that have only been superficially explored within the Mt Isa North Project.
“The completion of the acquisitions, the strong support for the Entitlement Offer and the recent appointment of Johan Lambrechts to lead the company marks a pivotal period for NIS,” NIS’ Non-Executive Chairman, Mark Connelly, said.
“We have a healthy balance sheet, exciting exploration prospects and an enthusiastic Board and management team in place to deliver value for NIS shareholders.”
