PHOSPHATE (E04/2022, E08/2120 and E70/3847)
On 27 May 2010, Eagle Nickel entered into a Heads of Agreement with Golden Century Mining Ltd whereby Eagle Nickel could acquire 4 exploration tenements regarded as prospective for phosphate subject to and conditional upon the approval of Eagle Nickel shareholders. The consideration to be provided by Eagle Nickel was 7 million shares in Eagle Nickel and 7 million options exercisable at 20 cents on or before 1 May 2016. The transaction was approved by shareholders at a General Meeting held on 10 May 2011 and the shares and options were subsequently issued to Golden Century Mining Limited on 13 May 2011.
The Phosphate Project group of tenements covering a total of approximately 1,188km2 was comprised of 4 exploration licence applications; Wandagee (E09/1756) & Winning (E08/2120) approximately 150km and 200km northeast of Carnarvon respectively, Langley Crossing (E04/2022) approximately 40km south of Derby and Pillawarra Hill (E70/3847) approximately 20km north of Kalbarri. Wandagee (E09/1756) has since been surrendered. All three of the remaining tenements, E08/2120, E04/2022 and E70/3847 are currently granted.