JUNIOR explorer Ram Resources has picked up another five tenements in WA’s Fraser Range nickel-copper belt, adding an extra 163 square kilometres to its holdings in the area.
The newly acquired Fraser Range North tenements lie 150km north of Ram’s Fraser Range project and Sirius Resources’ Nova nickel-copper deposit.
Under the deal signed with an unnamed private prospector, Ram will pay $40,000 now and a further $40,000 within six months, with a final payment of $50,000 per tenement due in two years if the company wants to claim a 100 per cent stake in the licenses. The vendor will retain a 1.5 per cent net smelter royalty.
In a statement, the company said it would undertake an aggressive exploration program to assess the potential of the Fraser Range North project during the two-year term of the option.
Ponton Minerals conducted an auger drilling program on the tenements between 2005 and 2012, finding soil anomalies containing nickel, copper and palladium.
Ram managing director Bill Guy said the option for the additional five tenements gave the company highly promising exploration prospects on both sides of the Fraser Range belt.
“This belt is arguably the hottest exploration ground in Australia at the moment and we have a significant land holding on both sides,” he said.
“We are extremely encouraged by the strong results generated in early-stage work on both ground positions.
“The exploration programs we are implementing will build on this work, providing investors with exposure to substantial activity in this hot region.”
Ram is also gearing up to carry out ground-based electro-magnetic surveys on five areas on its existing tenements that returned strong geo-chemical readings during recent sampling, with preliminary drilling on validated targets on the horizon.