- Enegex Limited (ENX) is selling a portion of its Walebing project in the West Yilgarn area of Western Australia to Caravel Minerals (CVV)
- Caravel will pay $75,000 in cash, grant ENX a 2.5 per cent net smelter royalty, and hand over exploration data from between 1998 and 2011 from across ENX’s West Yilgarn area valued at $250,000
- ENX says it will review this newly-acquired dataset to identify and prioritise new exploration targets in the Walebing area
- Enegex will retain 100 per cent of the ownership of the remaining four tenements within the Walebing project
- Enegex shares are down 1.82 per cent to 2.7 cents at 12:56 pm AEDT
Enegex Limited (ENX) has announced the sale of a portion of its Walebing project in the West Yilgarn area of Western Australia to Caravel Minerals (CVV).
Caravel will snap up the E70/5442 tenement, which comprises 82.4 square kilometres and lies 122 kilometres northeast of Perth.
Enegex will retain 100 per cent of the ownership of the remaining four tenements within the Walebing Project.
In return for the land, Caravel will pay ENX $75,000 in cash, grant ENX a 2.5 per cent net smelter royalty on any future production from the region, and hand over exploration data from between 1998 and 2011 from across ENX’s West Yilgarn area valued at $250,000.
This is the same geochemical sampling dataset that led to the discovery of the Caravel Copper project, which is owned by Caravel Minerals.
Enegex director Rae Clark said the company was “very pleased” with today’s transaction.
“The new dataset will be combined with existing datasets to help refine and prioritise targets and to potentially generate new targets over our West Yilgarn projects,” Ms Clark said.
“The transaction will also provide Enegex with exposure to Caravel’s exploration expertise through a royalty agreement in an area that is located less than 4km from their flagship copper project.”
ENX said its next steps would include reconnaissance visits to the West Yilgarn project and the continuation of landholder access negotiations.
Enegex shares are down 1.82 per cent to 2.7 cents at 12:56 pm AEDT.