- Lachlan Star (LSA) increases its interest in the Koojan Project to 75 per cent
- LSA entered an option agreement in July for the chance to buy up to 75 per cent of the copper-nickel-PGE project in WA’s New Norcia region
- LSA has exceeded total expenditure of $350,000, which entitles it to another 25 per cent interest in project owner Coobaloo, on top of its existing 50 per cent
- ASX player Liontown Resources (LTR) is eyeing 51 per cent equity in the joint venture and, if successful, will slim Lachlan Star’s slice of Koojan to 24 per cent
- Shares are down 2.7 per cent at 3.6 cents each at 11:26 am AEST
Lachlan Star (LSA) has increased its interest in the Koojan Project to 75 per cent.
Owned by Coobaloo Minerals, the copper-nickel-platinum group element project is situated in Western Australia’s New Norcia region and covers a contiguous area of 600 square kilometres.
LSA entered a six-month option agreement for the chance to purchase up to 75 per cent of the project back in July.
The company was initially required to spend $60,000 on exploration to earn a 50 per cent stake, and a total of $350,000 within 18 months for an additional 25 per cent slice.
In a statement today LSA advised shareholders it had met total expenditure for the project in excess of $350,000, inclusive of the initial expenditure, entitling it to the extra 25 per cent interest in project owner Coobaloo.
It follows an announcement last month that fellow ASX player Liontown Resources (LTR) could acquire 51 per cent equity in Koojan by spending a total of $4 million on exploration within five years, with a minimum expenditure commitment of $500,000 before earning the right to withdraw.
Upon Liontown earning this stake in the joint venture, the parties’ respective interests in the project would then stand as Liontown at 51 per cent, Lachlan Star at 24 per cent and Wavetime Nominees at 25 per cent.
Following the announcement, shares in Lachlan Star were down 2.7 per cent at 3.6 cents each at 11:26 am AEST.