Todd River Obtains Rights To Nanutarra Nickel Project

Todd River Resources has obtained the rights to a new nickel sulphide exploration terrain within the Nanutarra nickel project in Western Australia.

It has entered into an option to farm-in-agreement with private group Cratonix, giving the company potential for a joint mining venture once it has gained 80 per cent interest in the tenement.

If Todd River earns the 80 per cent interest and meets minimum spending requirements ($2 million) within the 12-month exploration period, Cratonix’s 20 per cent interest will be free carried to a decision to mine.

Should both parties make the decision to mine, Cratonix can elect to contribute its 20 per cent share of costs or convert its interest to a 1.5 per cent net profit royalty.