Australian miner Rumble Resources ahs secured an option to acquire 100% stake in a nickel-copper project located within Fraser Range in Western Australia.
As per the terms of the agreement, Rumble has made a payment of $15,000 for a 6 month option period to acquire the Fraser Range Project.
Moreover, the company has to pay purchase price of $30,000 in cash and $70,000 in listed shares to acquire the 100% ownership of the project.
Meanwhile, within the option period, Rumble is mandated to conduct an exploration on the Fraser Range Project.
In addition, the company will also be required to pay the vendor $50,000 of listed shares within 28 days of the start of drilling on the project and a further $100,000 worth of shares if it intersects mineralization equal to or in excess of 10m wide with an average grade of 1.5 grams per ton gold equivalent value, according to the statement.
"Lastly, on announcement of an Inferred Resource with an in-ground value of at least $500 million, Rumble shall issue the vendor $500,000 worth of listed shares," the statement added.
Rumble managing director Andrew McBain said that the acquisition of the project would provide the company’s shareholders with exposure to exploration in the world’s most exciting emerging Nickel province.
"Rumble will put together a cost effective work program focused on identifying Nickel and Copper mineralisation of similar style to the Nova discovery, which will initially include a low-cost airborne EM survey, which has proven to be very effective at identifying massive sulphide bodies," added McBain.