The West Raglan property is a large 707 km2 property situated in the Cape Smith Belt in the Nunavik Region of Northern Quebec
Wyloo Metals Accelerates Spending at West Raglan project. (Credit: Анатолий Стафичук from Pixabay)
Orford Mining Corporation (“Orford”) (TSXV: ORM) is pleased to report that it has, as operator, completed exploration expenditures on the West Raglan Project totaling $6,125,057 funded by Wyloo Metals Pty. Ltd.(“Wyloo”). This allows Wyloo to satisfy the first earn-in milestone and acquire 51% ownership interest in the West Raglan Project according to the Option and Joint Venture Agreement dated January 18, 2021. The agreement required that Wyloo fund C$6,000,000 in exploration expenditures on the property by January 18, 2025. Wyloo has accelerated this funding schedule by completing required expenditures by January 18, 2023 and has elected to acquire 51% ownership interest in the West Raglan high-grade nickel project immediately.
Wyloo has also notified Orford that it is exercising the Second Earn-In Option provided for in the Agreement. The Second Earn-In Option requires Wyloo to fund an additional C$5 million in expenditures on the West Raglan property by January 18, 2026 to earn an additional 19% interest in the property (taking Wyloo’s gross interest in the project to 70%).
David Christie, President and CEO of Orford commented, “Orford is very excited to reach this milestone with our partner at West Raglan and looks forward to continuing to move the project forward with Wyloo. The West Raglan High-Grade nickel-copper-PGM project has yielded significant high-grade intersections including 28.3 m grading 3.2% nickel, 1.32% copper, 2.4 g/t palladium, and 0.7 g/t platinum at the Seahawk Lens and tremendous unexplored potential remains across the 707 square kilometre property.”
Source: Company Press Release