Ardea Resources has divested its non-core Bedonia East project to ASX IPO hopeful, Moneghetti Minerals, an unlisted public company hoping to list on the ASX this year. Consideration is $300,000 in shares, coverage of future tenement holding costs and a 1.5 per cent net smelter royalty. Moneghetti is also in the final stages of due diligence over a couple of gold exploration opportunities in Nevada in the USA ahead of its planned ASX listing.
Ardea is looking to heighten its focus on its rapidly developing gold and nickel ground around Kalgoorlie whilst retaining some upside to the Bedonia East project.
The deal is subject to Moneghetti completing a minimum capital raising of $4 million before costs and obtaining admission to the ASX’s official list.
Under the terms of sale and purchase agreement, Ardea has an option to extinguish the net smelter royalty for $2m in cash or shares at its discretion.
The Bedonia East project straddles the Eyre Highway east of Norseman and covers a section of the metal-rich Fraser Range. It is halfway between Norseman and the Nova-Bollinger nickel-copper discovery which set the market alight back in 2013 and rocketed Sirius Resources to a billion-plus market cap.
Ardea held the ground at Bedonia to chase nickel-copper-PGE mineralisation but that mix often comes with associated gold and Moneghetti is likely betting on the yellow metal in its future plans.
With Bedonia East off its books, Ardea will be forging ahead with its exploration and development activities across a bevy of compelling nickel sulphide and gold targets within its Kalgoorlie Nickel Project and the neighbouring Goongarrie nickel-cobalt project.
All of Ardea’s ground at the company’s two flagship projects is located within 150 kilometres of the mining city of Kalgoorlie-Boulder.
The company already has a globally significant resource across its Kalgoorlie and Goongarrie projects which, when combined, rounds up to seven million tonnes of contained nickel and over half a million tonnes of contained cobalt.
Ardea recently hit some promising gold too at its Zeus prospect when one drill hole tapped into a 10-metre intersection going 12.97 grams per tonne gold from only 42m down-hole, including 4m at almost an ounce to the tonne from 44m.
Is your ASX-listed company doing something interesting? Contact: email@example.com