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- Todd River Resources (TRT) has signed binding agreements to acquire two private companies which hold tenements in the South West Yilgarn Craton
- The companies, Moonknight and Marlee Base Metals, hold adjacent tenements in the Berkshire Valley just 100 kilometres from Chalice’s recent nickel-copper-platinum group element (Ni-Cu-PGE) discovery at Julimar
- Additionally, Marlee holds three licence applications elsewhere in Western Australia containing magmatic Ni-Cu-PGE and sedex copper targets
- Todd River will pay a total consideration of $100,000 and just over 100 million shares for the acquisition of both companies
- Following the transaction, Marlee Chairman Ian Murry will join the Todd River board
- Todd River Resources is trading 15.4 per cent higher for three cents each
Todd River Resources (TRT) has signed binding agreements to acquire two private companies with holdings in the South West Yilgarn Craton.
The companies, Moonknight and Marlee Base Metals, hold adjacent tenements in the Berkshire Valley, located approximately 170 kilometres north of Perth and just 100 kilometres from Chalice’s recent nickel-copper-platinum group element (Ni-Cu-PGE) discovery at Julimar.
These tenements contain a chain of mafic-ultramafic intrusions stretching 42 kilometres which are identifiable in magnetic imagery. These, Todd River believes, could be analogous to host intrusions of the Julimar discovery.
Independence Group carried out augur drilling in the area between 2006 and 2009, noting elevated levels of nickel, copper and cobalt, however, the samples were not tested for platinum group elements.
Additionally, Marlee holds three tenement licence applications elsewhere in Western Australia: a magmatic Ni-Cu-PGE target at Mt Vinden, a basin margin copper target at Nerramyne and a Sedex copper target at Pingandy.
TRT Managing Director Will Dix said the addition of the relatively unexplored terrane adds diversity and flexibility to the company’s portfolio.
“While the company remains firmly committed to exploration in the Northern Territory, the flexibility of being able to focus on high priority targets in Western Australia while there remains uncertainty around travel and access to certain projects means the company can remain nimble from both a location and commodity point of view,” Will said
“We are delighted that we have been able to quickly move to acquire this exciting package of projects and look forward to commencing stakeholder engagement and exploration at Berkshire Valley in the short term,” he continued.
“The previous work has highlighted the presence of numerous mafic and ultramafic intrusives and Todd River’s initial focus will be on determining which of these to concentrate our initial exploration efforts on,” Will added.
Given shareholder approval, Todd River will pay a consideration of $60,000 and 66,666,667 shares at an issue price of 1.5 cents each for the Marlee Transaction. Meanwhile, for the Moonknight transaction, Todd River will pay $20,000 in cash and 33,333,334 shares at the same issue price.
This will amount to a total consideration of $100,000 and 100,000,001 shares for the acquisition of both companies.
Following the completion of the transaction, Marlee Chairman Ian Murry will join the Todd River board.
Todd River Resources is trading 15.4 per cent higher for three cents each at 2:45 pm AEST.
