Friday, March 7, 2014

Parmelia Resources jets into Fraser Range for gold and nickel exploration

Parmelia Resources (ASX: PML) has secured an option to acquire a 100% interest in the Mystique gold and nickel project held by Blackfire Minerals (ASX: BFE) and Entrée Gold in the Fraser Range region of Western Australia.

Exploration by Black Fire and Entrée has focused primarily on historically identified gold anomalies; Parmelia believes additional types and styles of mineralisation are possible within the tenement.

Mystique is located in close proximity to tenements held by existing active explorers in the region, including Windward Resources (ASX: WIN) Sirius Resources (ASX: SIR) and Mark Creasy associated companies.

Immediately adjacent to the tenement is a historically reported nickel soil anomaly of 1640ppm, identified by Geographe Resources during the late 1990's, adding further likelihood of potential nickel mineralisation.

Parmelia has secured a 6 month option for a fee of $12,957, and can acquire a 100% interest in the tenement by paying a further $300,000, which can be satisfied by cash and/or shares issued at $0.025.

During the option period, Parmelia will undertake technical due diligence on the historic exploration results and the more recent work completed by Black Fire to assess the significance and materiality of the project.

The exploration potential of the Fraser Range Belt has risen in prominence over the last decade, initially due to the discovery of the Tropicana Gold Project by AngloGold Ashanti and Independence Group (ASX:IGO) in 2005, now in excess of 7.7 million ounces, and more recently by the discovery of the Nova Nickel- Copper Project by Sirius.

Parmelia continues to evaluate several additional opportunities and is engaged in negotiations, which will be made available if and when a successful conclusion is reached.

The company also controls the Darvii Naruu Copper Gold Project in Mongolia, close to Rio Tinto’s (ASX: RIO) giant Oyu Tolgoi porphyry copper gold deposits.

Capitalised at just $1 million, it shouldn't take much for Parmelia's valuation to grow.

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