- Meryllion Resources (MYR.X) has signed an option to acquire the Oldham Range base and battery metal exploration property
- Soil sampling and an airborne geophysical survey of the property has identified several drill-ready targets for base and battery metal mineralization
- Fortescue Metals and Rio Tinto are significant property holders adjacent to or near the Oldham Range Property
- Meryllion can earn a 100 per cent interest in the property through an AUD $300,000 expenditure on or before 31 December 2021
- Once the expenditure has been met, Meryllion can acquire the property by issuing 2,000,000 MYR shares, AUD$50,000 and granting a 1 per cent Net Smelter Royalty
- Meryllion Resources is a junior exploration company
- Meryllion Resources Corp., (MYR.X) is unchanged, trading at C$0.125 per share at 12 pm ET
Meryllion Resources (MYR.X) has signed an option to acquire the Oldham Range base and battery metal exploration property in Western Australia.
Highlights
• The property comprises a 14,700 ha granted exploration licence, 320km northeast of Wiluna, Western Australia.
• Soil sampling and an airborne geophysical survey of the property has identified several drill-ready targets for base and battery metal mineralization – copper, nickel, cobalt, PGEs and zinc – characterized by the coincidence of geochemical anomalies with high priority VTEM conductors.
• The corporation intends to commence an initial drill program in the current quarter, subject to all relevant approvals.
• Fortescue Metals and Rio Tinto are significant property holders adjacent to or near the Oldham Range Property. In addition, Rumble Resources Limited has announced a new major zinc-lead- silver discovery in 2 areas approx. 110km north of Wiluna, Western Australia. This discovery is some 120 km from the property. A large 30,000 metre drill program is underway by RTR.
• The corporation can earn a 100 per cent interest in the property through an AUD $300,000 expenditure on or before 31 December 2021.
Following the minimum expenditure being met, MYR will have an exclusive right to acquire the property at any time subject to:
1. Issuing 2,000,000 MYR shares;
2. Payment of AUD$50,000; and
3. Granting a 1% Net Smelter Royalty for all metals produced from the Property.
The Chief Executive Officer of MYR, Mr. Jeremy Edelman, said,
“We are delighted to have optioned the drill-ready Oldham Range Property which gives shareholders the opportunity to be quickly drilling a number of targets with the potential to host increasingly valuable base and battery minerals.”
Oldham Range Property
The Oldham Inlier forms part of a basement high in the north-western part of the Officer Basin. Initial exploration work was completed by the Geological Survey of Western Australia followed by initial soil and geophysical surveys by several operators between 2001 and 2014. The MYR drill program will be the first drilling ever undertaken on the Property.
Meryllion Resources is a junior exploration company. The corporation is now investigating a number of exploration opportunities with drill-ready targets.
Meryllion Resources Corp., (MYR.X) is unchanged, trading at C$0.125 per share at 12 pm ET.
