Acquisition paves way for exploration program at Polar Bear
Sirius Resources has purchased Barrick’s majority interest in the Polar Bear Joint Venture (PBJV), thus making it the sole owner of the nickel and gold prospective tenements between Higginsville and Norseman in Western Australia.
The company said payment comprises $200,000 in cash and 20 million shares, plus a 2 per cent net smelter royalty. Sirius said this would result in Barrick taking a 1.2 per cent interest in Sirius.
Exploration at the tenements has been limited during the past 20 years due to complex ownership structures but the new deal paves the way for a systematic nickel-focused exploration program to commence.
"Polar Bear is one of the last nickel frontiers within the Norseman-Wiluna belt and has all the key ingredients we look for. While the nature of the cover presents a number of challenges to exploration, it is also a great opportinity - very reminiscent of Lake Lefroy at Kambalda and Lake Zot at Widgiemooltha," Sirius managing director Mark Bennett said.
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