Proto Resources (ASX:PRW) announced to the market that Victory Mines (ASX:VIC) has released an exploration update on the Clara Hills project in western Australia.
Victory Mines will conduct additional geophysical surveys at the Clara Hills project after the Phase I exploration program has revealed very interesting nickel intercepts. The company intersected 11 meters at 0.3% Nickel and 6 meters at 0.42% Nickel, which are very encouraging results.
Victory Mines plans to follow up on this drill results by conducting a VTEM-survey over a surface of 21 square kilometers, which should generate additional exploration targets.
Victory Mines can earn 51% of the Clara Hills project by spending A$1.5M on exploration, after which Proto will keep a 36.25% interest in the project.
Disclosure: The author holds a long position in Proto Resources & Investments Ltd. Please see our disclaimer for current sponsors.
