After completing a phase 1 drilling program at Takatokwane South, Nimrodel said it had elected to proceed with the next stage of its earn-in agreement with Tripop Energy at the project.
Nimrodel entered into a farm-in and joint venture agreement with Tripop in October last year, allowing it to acquire up to 65% of Tripop by completing a two-phase diamond core drilling program and scoping study at the project.
The phase 2 drilling program is scheduled to commence in the early months of 2012 and aims to build on the company’s already defined 4.23Bt inferred resource.
Phase 1 drilling at the tenement consisted of completing 27 drillholes, 16 diamond core holes and 11 reverse circulation drillholes.
Nimrodel managing director Chris Mason said wrapping up phase 1 drilling marked a milestone for the company.
“The completion of drilling at Takatokwane South is another major step for the company,” Mason said.
Nimrodel is expecting the results from the phase 1 in the first quarter of 2012.
Pursuant to the agreement with Tripop and Nimrodel’s decision to proceed with the development of Takatokwane South, Nimrodel will issue Tripop with 1.25 million shares at 4c per share and a cash payment of $50,000.