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InterMet Resources Extends Option To Acquire Calypso Nickel Sulphide Project

Jul. 15, 2013 1:43 AM ET
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InterMet Resources (ASX: ITT) has extended by another six months, its binding option agreement to acquire an 80% interest in the Calypso Nickel Sulphide Project in Western Australia with Rossiter Minerals.

The company had in January 2013 secured the six-month option to acquire the interest in the early stage nickel exploration project within the prolific Agnew-Wiluna Nickel Belt.

Under the original option agreement, InterMet had paid Rossiter $50,000 for the option and can acquire the interest by issuing Rossiter 55 million fully paid shares in the company valued at $0.01 each.

It also agreed to spend $100,000 on the Calypso Project, which includes confirmatory drilling.

InterMet had in April confirmed the magnetic signature over two ultramafic intrusives from preliminary analysis of a detailed ground magnetic program completed at its Calypso Nickel Project in Western Australia.

This indicates that a nickel intersection made by BHP Minerals in the mid 1980's may coincide with a zone of slight magnetic destruction.

Only one of BHP's gold-focused drill holes was assayed for nickel and copper, reportedly returning 16 metres at 0.2% nickel and 61 parts per million copper from 42 metres, including a high value of 2 metres at 0.43% nickel and 85 parts per million copper.

The Calypso Project is an early stage nickel exploration project located within the southern extent of the highly endowed Agnew-Wiluna Nickel Belt, which plays host to several world class deposits, along with a number of smaller nickel resources.

These include the 335 million tonne at 0.516% nickel Mount Keith, Perseverance, the 189 million tonne at 0.69% nickel Honeymoon Well, and the 60 million tonne at 0.813% nickel Cosmos Deeps.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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