Magmatic buys base metals project in WA

ASX-listed junior Magmatic Resources has struck a deal with fellow-listed Montezuma Mining Company to acquire the Mt Venn copper/nickel/cobalt project, in Western Australia. Under the terms of the agreement, Magmatic will pay A$250 000 in cash and a A$425 000 in ordinary shares. Should the company define a mineral resource of more than 20-million tonnes, grading at about 1% copper equivalent, Magmatic will pay a further A$350 000 in cash and A$350 000 in shares.