- Carnavale Resources (CAV) is set to acquire the Barracuda Platinum-Palladium-Nickel-Copper Project in Western Australia
- The project will be acquired from Corporate & Resource Consultants and Bruce Legendre for $50,000 in cash and 20 million shares
- Carnavale has already paid a non-refundable deposit of $10,000 with the remaining $40,000 and all shares to be paid upon settlement
- Once received, the company will undertake an airborne electromagnetic survey to outline targets for drill testing
- Carnavale has also received support from a range of investors to undertake a $2.1 million placement
- All up, 300 million shares will be issued to investors at 0.7 cents as well as 150 million attaching options, exercisable at 1 cent on or before July 31, 2022
- Carnavale will use the money to pay for the acquisition Barracuda and fund upcoming work at both Barracuda and existing projects
- Shares in Carnavale are up 12.5 per cent and are trading at 0.9 cents
Carnavale Resources (CAV) is set to acquire the Barracuda Platinum-Palladium-Nickel-Copper Project in Western Australia.
The project will be acquired from Corporate & Resource Consultants and Bruce Legendre for $50,000 in cash and 20 million shares.
Carnavale has already paid a non-refundable deposit of $10,000 with the remaining $40,000 and all shares to be paid upon settlement.
Both Corporate & Resource Consultants and Bruce Legendre will receive a 0.5 per cent net smelter return on all minerals produced.
As no electromagnetic (EM) surveys have been completed at Barracuda, Carnavale will undertake an airborne EM survey to outline targets for drill testing.
No drilling has been undertaken since 1988 when 1811 metres was drilled by Pancontinental Mining.
This work concluded that the area contains some of the most fertile and metal-rich ultramafic rocks with up to 3.15g/t platinum, 4.3g/t palladium and o.38g/t rhodium returned.
Pancontinental also intersected up to 800 parts per million (ppm) copper, 800 ppm nickel and 500 parts per billion platinum and palladium.
“We are delighted to have been able to acquire a new platinum, palladium, nickel and copper exploration project in Western Australia with high-grade PGE (platinum group element) mineralisation identified at surface,” Chairman Ron Gajewski said.
“The company will now contract an airborne electromagnetic survey, to be followed swiftly up by ground EM and analysis of the geochemistry to identify drill targets as soon as possible,” he added.
Capital raising
Carnavale has also received support from a range of investors to undertake a $2.1 million placement.
All up, 300 million shares will be issued to sophisticated and professional investors at 0.7 cents as well as 150 million attaching options, exercisable at 1 cent on or before July 31, 2022.
Subject to shareholder approval, Chairman Ron Gajewski will subscribe for 15 million shares and 7.5 million attaching options for $105,000.
Furthermore, Director Andrew Beckwith will subscribe for three million shares and 1.5 million options for $21,000.
Carnavale will use the money to pay for the acquisition Barracuda and fund upcoming work at both Barracuda and existing projects.
Shares in Carnavale are up 12.5 per cent and are trading at 0.9 cents at 12:56 pm AEDT.