VRX Silica (ASX: VRX) has entered into a conditional agreement with New Energy Metals Limited (NRG) for the sale of its wholly-owned subsidiary and holder of the Biranup nickel and gold project, Ventnor Gold.
NRG is an unlisted public company planning an Initial Public Offering (IPO) and ASX listing later this year. It is a nickel sulphide focused exploration company with exposure to the Albany Fraser Oregen and South West Yilgarn, while retaining a proprietary nickel sulphide prospectivity database to generate further projects. NRG has indicated that it will prioritise applications in the IPO from VRX Silica shareholders.
The Biranup Project is situated in the highly prospective Albany – Fraser Orogen in Western Australia, an area which hosts IGO’s Nova nickel mine, the world class ~10Moz Tropicana Gold Deposit and is currently the subject of a much anticipated drilling program currently being conducted by Legend Mining.
VRX Silica’s Managing Director Bruce Maluish said, “We are delighted to have reached agreement with NRG on the terms for the sale of the Biranup Project which will enable VRX Silica to share in any future exploration success. The Biranup Project tenements have an extensive and comprehensive exploration data base that we have assembled and this will be a great starting point for NRG.”
“This is an ideal outcome for VRX Silica and its shareholders as it will allow us to focus on the Company’s stated aim of becoming a global supplier of high-quality silica sand.”