Sydney - Wednesday - March 23: (RWE
Australian Business News) -Metals Exploration Ltd (MTX) and Acclaim
Exploration NL (AEX) have entered farm-in arrangements over Acclaim's
nickel interests in the Musgrave Ranges of South Australia and Western
Metals Ex is to earn
interests of up to 80 per cent in the tenements and property rights of
the Wingellina and Claude Hills projects (on the basis that Acclaim is
non-contributing) by meeting all exploration and development expenditure
until a bankable feasibility study or other mineral development project
on the titles is completed.
The Wingellina project is Australia's
largest undeveloped nickel oxide deposit.
Acclaim has previously announced an
identified mineral resource estimate of 226.9 million tonnes at 1 per
cent nickel, 0.07 per cent cobalt and 30.1 per cent iron at a 0.5 per
cent cut-off grade.
The Claude Hills Project area covers
the easterly extension of the Wingellina layered intrusion and basement
Bedrock geochemistry at Wingellina
suggests that sulphides may have formed in the melt prior to formation
of the layered intrusion and there is a possibility that sulphides may
have accumulated in trap sites in feeder dykes or irregularities in the
floor of the layered intrusion.