Nico Young, one of Australia’s largest nickel resources, has caught the eye of Legacy Minerals, with the company applying for an exploration licence for the New South Wales project.
Nico Young contains approximately one million tonnes of nickel and 100,000 tonnes of cobalt in resources.
“A free-peg, representing a zero-dollar acquisition cost of a near one-million tonne, nationally significant, JORC 2012 compliant, nickel-cobalt deposit is a great, long-term opportunity for our shareholders,” Legacy chief executive officer and managing director Christopher Byrne said.
“With our gold, copper, and silver focus at the Drake, Thomson, and Black Range projects, and joint venture projects Bauloora and Glenlogan being explored by joint-venture partners Newmont and S2 Resources, shareholders have significant exposure to a multi-commodity, multi-project discovery and development opportunity.”
Having entered liquidation, Jervois Global relinquished its exploration licence for Nico Young, enabling Legacy Minerals to enter the fray.
“Nico Young … allows Legacy Minerals to leverage the development work previously undertaken by Jervois Global, estimated at over $25 million, including drilling campaigns and environmental studies, thereby reducing initial assessment costs and accelerating project advancement,” Byrne said.
Nico Young sits alongside key deposits such as Sunrise, Platina and Melrose within a highly prospective nickel-cobalt region in central NSW.
The project comes with no liabilities, encumbrances or private royalties, giving Legacy strong leverage to nickel and cobalt market conditions.
The company is currently seeking a partner to advance the project, while also preserving asset value until market conditions are more favourable.
