The well-known Monaco-based geologist and resource sector entrepreneur said the ground was picked up based on it being the possible extension of the geology hosting the recent Julimar nickel-copper-PGE discovery and (Cassini Resources') Yarrawindah nickel-copper-PGE project and that "early reconnaissance is validating this approach".
The Julimar discovery that set owner Chalice Gold Mines' share price alight is 80km south of the ground near Perth optioned to Lachlan Star.
Lachlan Star will pay a A$50,000 option fee and, subject to a minimum exploration spend of $60,000, is entitled to exercise the option to acquire an initial 50% of the Koojan ground owned by Coobaloo Minerals.
Lachlan Star is entitled to a further 25% by spending $350,000 (inclusive of the initial expenditure) within 18 months, while further payments are milestone-based.
In conjunction with the deal unveiled today, Lachlan Star is set to raise $500,000 from undisclosed investors buying new shares priced at 0.5c each.
Lachlan Star had $1.3 million cash at the start of the current quarter.
It owns a magnesite play near Rockhampton in Queensland and has been on the hunt for another project for some time.
Eckhof has been at the company for nearly two years.
Shares in Lachlan Star were unchanged at 0.7c in afternoon trade, capitalising the company at $5.2 million.
