Nickel-cobalt and gold exploration company Aston Minerals (ASX:ASO) has accelerated payments to complete the 100% acquisition of additional ground at the Edleston Project in Ontario, Canada.
Following the successful delineation of a maiden nickel resource of 1.044 billion tonnes of nickel and cobalt, and a 1.5million-ounce maiden gold resource at the project, the board has decided to move to 100% ownership of the additional 203 mining claims.
Under the agreement, Aston has paid CAD$130,000 and issued 1.6 million shares in 3 instalments to the vendor, 4Amigos Partnership. The first instalment of CAD$30,000 and 400,000 shares were issued on execution of the option, while a further CAD$40,000 and 500,000 shares were issued on the first anniversary.
Following the successful delineation of a maiden nickel resource … the board has decided to move to 100% ownership of the additional 203 mining claims
The third instalment of CAD$60,000 and 700,000 shares was accelerated ahead of the second anniversary. The company also notes 4Amigos will retain a 2.5% net smelter royalty (NSR), of which Aston can re-purchase 0.5% of the NSR for CAD$500,000.
Aston reports it began drilling last week to target along strike gold potential of the Edleston Main and Sirola 1.5 million ounces maiden gold resource. This program will consist of 14 diamond drillholes for 4,800m to determine the potential of the induced polarisation (IP) chargeability anomalies being mineralised.
The program has been devised to provide an indication of the overall scale of the system immediately along strike from Sirola, which is completely open to the east.
Aston Minerals is an ASX-listed nickel-cobalt and gold exploration company focused on the Edleston project in Canada. The company says Edleston is surrounded by ‘world-class’ mining projects, and benefits from skilled labour, specialised services, and ‘first world’ infrastructure including hydro power.
The Edleston project is located about 60km via road to the south of Timmins in Ontario, Canada. Currently the project hosts a nickel-cobalt indicated MRE of 155 million tonnes @ 0.28% Ni and 0.011% Co, and an inferred resource of 889 million tonnes @ 0.27% Ni and 0.011% Co for 1,044 million tonnes of nickel and cobalt.
It also hosts an indicated MRE of 14 million tonnes @ 0.90g/t Au for 400,200 ounces of contained gold, and an inferred resource of 34.1 million tonnes @ 1g/t Au for nearly 1.1 million ounces of contained gold.
Images: Aston Minerals Ltd
