Join our daily newsletter At The Bell to receive exclusive market insights
- Pacific Nickel Mines (PNM) submits an application for a third prospecting licence on Santa Isabel Island in the Solomon Islands
- The application, which covers the Bugao Hograno (BH) tenement, was submitted with the approval of local landowners in the area
- Scout drilling, undertaken by previous owners Sumitomo, has identified some areas for additional resource potential
- The next key step in securing the BH tenement licence is a meeting with the Solomon Islands Mines and Minerals Board to approve the application
- PNM shares are down 3.16 per cent at 9.2 cents each
Pacific Nickel Mines (PNM) has submitted an application for a third prospecting licence on Santa Isabel Island in the Solomon Islands.
The application, which covers the Bugao Hograno (BH) tenement, was submitted with the approval of the local landowners in the area.
The tenement has an area of around 99.2-square-kilometres and lies between the company’s other two existing projects ā Kolosori and Jejevo.
Scout drilling, undertaken by previous owners Sumitomo, has identified some areas for additional resource potential. A review of historical exploration results is currently
underway.
The next key step in securing the BH tenement prospecting licence is a meeting with
the Solomon Islands Mines and Minerals Board to approve the application.
If successful, a letter of intent will be issued for the company to enter into a surface access agreement with the landowners.
“We are pleased that the Solomon Islands Government is willing to allow the
company to apply for a third tenement within the Santa Isabel Island nickel laterite belt. We are also pleased that we have broad support from the landowner groups in the area,” CEO Geoff Hiller said.
“We have worked with these local groups to ensure all interests have been aligned, and we thank them for their interest in our projects. We also thank the Solomons Island Government for their support for our projects.”
PNM were down 3.16 per cent and trading at 9.2 cents each at 11:20 am AEST.
