Australia-based Nickel Mines has signed a binding definitive agreement for the staged acquisition of a 100% interest in the Siduarsi nickel-cobalt project in Papua province, Indonesia. The deal includes an initial A$500,000 cash payment.

Siduarsi is a sixth generation Contract of Work (CoW) held by PT Iriana Mutiara Mining, and is one of only four active nickel CoWs in Indonesia. The other three are PT Vale Indonesia’s Wilayah Konsesi concession area, PT Weda Bay Nickel’s Weda Bay project and Asahan Aluminium’s Gag Island project.

Nickel Mines has completed over 100,000 metres of ground penetrating radar and 2,976 m of drilling (174 holes) since the signing of a memorandum of agreement in September 2021.

“The GPR and drilling completed to date as part of our due diligence supports the potential for Siduarsi to host a large, world-class limonite deposit very well suited to development of a large [high pressure acid leach] project along with discrete pods of higher grade saprolite with up to 2.44% nickel grades,” said Managing Director Justin Werner.

Nickel Mines also announced this week the commissioning of its fourth and final RKEF production line at the 80%-owned Angel nickel project in the Indonesia Weda Bay Industrial Park on Halmahera Island.

Source: Nickel Mines

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