CANEGRASS PROJECT
Location
The Canegrass Project (100% FMS) is located approximately 60km south-east of Mt Magnet and 15km south-west of Atlantic Limited’s Windimurra Vanadium Project, in WA’s Mid-West. The tenement package comprises six granted exploration licences that are prospective predominantly for vanadium and titanium.
Farm-In Agreement with Viking Mines
Flinders has entered into a Farm-in Agreement (FIA) with Viking Critical Minerals Pty Ltd, a wholly owned subsidiary of Viking Mines Limited (ASX: VKA) for all minerals on the Canegrass tenements. Pursuant to the FIA, Flinders will also receive cash payments from Viking as each earn-in stage is completed. Ultimately, Viking has the right, but not the obligation, to acquire Canegrass.
Flinders has chosen to pursue the FIA as it allows the Canegrass Project to be progressed directly by a third party, without diverting Flinders’ management time from the PIOP and associated business developments. The structure of the farm-in provides for Flinders’ to avoid the on-going tenement holding costs and preserves Flinders’ balance sheet, whilst also allowing for staged cash payments that will benefit Flinders’ shareholders.
Further details regarding the Agreement can be found in the ASX Announcement dated 30 November 2022.
Mineral Resources
The current Project Mineral Resource Estimate is:
Competent Person Statement
The information in this report that relates to Exploration Results is based on. And fairly reflects, information compiled by Mr Mark Pudovskis. Mr Mark Pudovskis, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Pudovskis is a consultant to FMS, employed by CSA Global Pty Ltd, independent mining industry consultants. Mr Pudovskis has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Mr Pudovskis consents to the disclosure of the information in this report in the form and context in which it appears.
The information in this report that relates to Mineral Resources is based on, and fairly reflects, information compiled by Mr Aaron Meakin, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Meakin is a consultant to FMS, employed by CSA Global Pty Ltd, independent mining industry consultants. Mr Meakin has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Mr Meakin consents to the disclosure of the information in this report in the form and context in which it appears.
