LONDON, UK: Corcel Plc, a natural resource exploration and development company with interests in battery metals and flexible energy generation and storage, has completed the share purchase agreement with Australian-registered Resource Mining Corporation Limited to acquire 100% of the issued share capital in Australian-registered Niugini Nickel Pty Ltd, which owns 100% of the Wo Wo Gap nickel-cobalt project in Papua New Guinea.
James Parsons, the Company’s Executive Chairman commented: “I am delighted we have secured the Wo Wo Gap project, which effectively doubles the scale of our nickel and cobalt business. Securing nickel supply remains a critical enabler for the major players in global electrification and our nickel business is perfectly positioned for the inevitable supercycle.
Near term priorities at Wo Wo gap will include resource updates, exploring synergies with our Mambare project, and the early securing of long term shipping and offtake arrangements.”
Wo Wo Gap Project Details
The Project is located 200km from the Papua New Guinea capital of Port Moresby and some 150km southeast of the Company’s Mambare nickel/cobalt asset. The Company sees significant synergies between the two projects and believes this acquisition as a significant step in its evolution towards building a leading regional battery metal and nickel /cobalt business with material scale.
Exploration at the Project dates back to the 1950s and has consisted of multiple drilling programmes, including diamond drilling, wacker holes and ground penetrating radar activities. Project activity of late has focused on maintaining commitments for the exploration licence, including site-based activities such as maintenance of the existing infrastructure and equipment, so as to facilitate a ready state for future exploration and development which is likely to be focused on a potential direct shipping ore operation.
The Project is held through one tenement in Papua New Guinea, EL 1165, which expired on 28 February 2020 and is currently under reapplication for a further 2-year period.