Ashley’s Apex hooks up with Carey to hunt for Lawlers nickeladmin
Mark Ashley’s explorer Apex Minerals is set to add another string to its bow today, by teaming with mining contractor Carey Mining to explore for nickel at Barrick Gold’s Lawlers project near Leinster.
Under the terms of the venture, Apex and Carey will form a joint venture to earn a 70 per cent interest in the nickel rights at Barrick’s Lawler gold mine.
Barrick’s tenements cover a 40km stretch of nickel-prospective ultramafic rocks in the middle of the same area that hosts Jubilee mine’s rich Cosmos nickel mine and BHP Billiton’s Rocky’s Reward and Perseverance mines to the north. Despite their prime location, the tenements have not been subjected to any serious nickel exploration since Selection Trust held the ground 30 years ago.
The Apex-Carey joint venture must spend $1.5 million over three years to earn its interest in the nickel rights.
It also has an option to buy a 70 per cent stake in the Mt Margaret laterite nickel deposit from Barrick for $15 million.
Mt Margaret was once a core asset of Anaconda Nickel (now Minara Resources) as part of then-chief executive Andrew Forrest’s ”three nickel provinces” strategy.
Apex will hold 80 per cent of the Apex-Carey joint venture and will fund the first $10 million of exploration and support Carey through to production.
Apex shares closed steady at 35Â¢ on Friday.