- VRX Silica (VRX) has completed the sale of its Biranup nickel project to NickelX (NKL)
- Under the agreement, VRX will receive over 6.2 million NKL shares and up to $900,000 in cash payments
- Biranup is located in Western Australia and is VRX’s last non-silica sands project
- VRX will now be able to focus on becoming a global supplier of high-quality silica sand
- On the market this afternoon, VRX is down 1.69 per cent and is trading at 29 cents, and NickelX is down 7.50 per cent, trading at 18.5 cents per share
VRX Silica (VRX) has completed the sale of its Biranup nickel project, located in Western Australia, to NickelX (NKL).
The deal was first announced last year and has now been completed.
Under the agreement, VRX will receive over 6.2 million NKL shares and up to $900,000 in cash payments.
The Biranup project covers almost 400 square kilometres and includes six granted tenements that have no pastoral lease or native title claims. Notably, the project covers a region that hosts many various mineralisation styles.
Within the project is the Fire Dragon Prospect, where VRX previously found potential for base metal mineralisation and successfully drilled and intersected copper and nickel sulphides.
Biranup is the company’s last non-silica sands project. VRX will now be able to focus on becoming a global supplier of high-quality silica sand, initially from its Arrowsmith and Muchea silica sand projects.
On the market this afternoon, VRX is down 1.69 per cent and is trading at 29 cents per share, and NickelX is down 7.50 per cent, trading at 18.5 cents per share at 3:00pm AEST.