Nickel Mines has signed an agreement to acquire the Tablasufa laterite Nickel project in Indonesia from Bolt Metals and PT Best Resources for $8.5 million.
The acquisition is subject to due diligence by Nickel Mines, license extensions and a deal signed by Bolt shareholders.
Bolt Metals holds a 65% interest in the project, while Pt Best Resources holds the remaining 35%.
The Tablasufa project, which includes a mining licence for 5,000 hectares in West Papua province, has been explored by a number of companies for more than 70 years.
The highest grade found at Tablasufa contains 2.65% nickel and 0.49% cobalt.
The project has significant limonite and saprotic ore potential and will further expand its presence in the emerging province of West Papua through the acquisition of Tablasufa, Nickel Mines.
