Vancouver — Anglo American Exploration, a wholly owned indirect subsidiary of Anglo American (AAUK-N) has completed their due diligence of Nevada Star Resource’s (NEV-V) MAN nickel PGE project in Alaska and have decided to ink a formal option agreement.
The 269 sq. mile MAN property is located 164 miles southeast of Fairbanks and 248 miles northeast of Anchorage. MAN consists of five distinct project areas: Canwell, Rainy/Eureka, Summit Hill, Dunite Hill/Fish Lake, and Broxson. The project is accessible from two paved highways and borders the Alaska Pipeline.
Nevada Star has focused its attention on the ultramafic-mafic intrusions of the Nikolai group within the Wrangellia package. This belt typically hosts a 2 to 1 ratio of platinum to palladium, as well as high concentrations of the rarer platinum group elements, such as rhodium, osmium and iridium. Mineralization is primarily hosted in gabbro, clinopyroxenite and serpentinized dunnite and the primary sulphide minerals are pyrrhotite pentlandite and chalcopyrite.
According to the deal, Anglo American stands to earn a 51% interest in the MAN property by spending a total of US$12 million over a five-year earn in period. Anglo can increase their interest by an additional 19% by completing a feasibility study. Another 5% interest can be garnered by arranging production financing.
“We are extremely pleased and happy to have Anglo American Exploration as a partner in the development of this project," commented Robert Angrisano, President of Nevada Star. "Anglo American brings with it some of the most advanced technology and methods in the industry for discovery and identification of mineable ore bodies. They are also a company with a solid reputation for going the extra mile to support the community and to protect the environment in which they operate.”
As part of its due dilligence, Anglo collected 500 near-surface soil samples from the MAN property. Results confirm the presence of highly-anomalous nickel-in-soil concentrations up to 1,455 ppm. In addition the data also outlined the known Tres Equis nickel prospect in the Fish Lake complex, and largely confirm earlier Nevada Star MMI soil results from the Dunite Hill complex.
Anglo plans to kick off an exploration program this spring.
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