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PLD is an early stage nickel-copper exploration company with exposure to a highly prospective project located in the Albany-Fraser belt of WA. Shallow RAB drilling at two targets (of 36 identified) demonstrate a geological setting considered directly analogous to the 14.6Mt @ 2.2% Ni Nova-Bollinger discovery, also located within the Albany-Fraser Belt. Upcoming drilling provides opportunity for positive news flow and a substantial valuation re-rating.
PLD Corporation (ASX: PLD) has entered into binding option agreements for an exclusive 12 month period to acquire a 90% interest in the Rocky Gully Ni-Cu project (comprising 3 tenements), located in the southern corner of the Albany-Fraser Belt, WA, from ASX listed ‘Heron Resources’. A further option agreement was signed with a private group for a 100% interest in a contiguous Exploration Licence Application (with both option agreements now covering four licences).
PLD has already made non-refundable payments totalling A$80k to secure the option agreements and, should the Company elect to exercise, it will pay a further A$280k (or 28.75M PLD shares issued @ A$0.008) to Heron and 5M shares to the private group (@ A$ 0.01). Heron will retain a 10% interest in 3 licences and a Net Smelter Royalty (NSR) of 1.5%.
The Rocky Gully Project hosts 10 ‘priority’ Ni-Cu targets, however, the two of most significance are the ‘M19’ and ‘M20’ prospects. Historical shallow RAB drilling intersected strongly anomalous nickel-copper zones within lateritic horizons in a setting that is considered directly analogous to that of Sirius’s Nova-Bollinger discovery. An upcoming RC drill campaign has been designed to test these highly prospective Ni-Cu targets, with first results expected before the end of June 14’.
PLD has a management team with extensive experience in exploration, development and mining, providing confidence of stringent exploration. With an EV of A$1.9M, PLD is highly leveraged to any positive news flow...
ASX on Hotcooper: http://hotcopper.com.au/asx/PLD