Caeneus Minerals moves to 100% ownership of Pardoo Nickel Project

By Trevor Hoey. Published at Jun 13, 2018, in Mining

Caeneus Minerals Ltd (ASX:CAD) has negotiated terms with Arrow Minerals Ltd (ASX:AMD) to acquire the remaining 20 per cent of the highly prospective Pardoo Nickel Project in Western Australia.

Execution of this agreement is consistent with management’s expansion and exploration strategy, and it was highlighted as a key near-term goal when the company released its quarterly report in April.

An update in May focused on assay results received from a 10 hole reverse circulation drilling program completed in November 2017.

Pardoo Highway exploration confirms survey data

This was aimed at assessing the Pardoo Highway nickel, copper, cobalt deposit.

Drilling results included 4 metres at 0.24 per cent nickel from 108 metres within a broader intersection of 12 metres at 0.14 per cent nickel and 0.015 per cent cobalt.

The results were from hole PRC07, and management sees these as potentially significant given the hole provided an initial test of a magnetic anomaly which returned a strong electromagnetic response during a previous survey.

However, potential is speculative at this stage and investors should seek professional financial advice if considering this stock for their portfolio.

Pardoo acquisition is culmination of significant investment and exploration

As a backdrop, Caeneus’s wholly owned subsidiary, Port Exploration Pty Ltd negotiated a joint venture agreement with Arrow Minerals in September 2016.

Under the terms of the agreement it could acquire a 51% interest in the Pardoo project by spending $250,000 on exploration within 12 months of signing the agreement.

Port Exploration was entitled to acquire an additional 29 per cent interest by spending a further $250,000 on exploration by no later than 12 months after earning the stage 1 interest.

Caeneus has now agreed terms to finalise the acquisition of the remaining 20% interest with Arrow Minerals so that the company will own 100% of the Pardoo Project.

Under the terms of the agreement, consideration of $200,000 will be paid in cash in two instalments with the final instalment of $100,000 due on or before December 12, 2018.


Where to invest $1,000 right now

When the experts at Next Investors have a stock pick, it may pay to listen.

The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.

They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.

Click the link below to see what they are currently investing in.


SEE THE PORTFOLIO

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!

X