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nIcKeL PReVIeW Wyloo has reopened the exploration
camp at the Eagle’s Nest nickel
project in Ontario, Canada

Wyloo cashing in on Ring of Fire

ive months into its ownership and “It is a package of rocks with the poten- keeping with the Wyloo strategy of both
FWyloo Metals Pty Ltd is only just be- tial to have two or three Eagle’s Nests but critical minerals and operating throughout
ginning to come to grips with the true it just hasn’t had the same level of explora- the value chain,” Giacovazzi said. “The
potential of its Ring of Fire project in tion as WA,” he said. “It is the equivalent of amazing thing in rare earths is that there
Canada. making the initial Kambalda discovery and is opportunity to go all the way from ore to
Wyloo – part of Andrew Forrest’s Tat- then stopping drilling. It is just the start of the finished magnet product.”
terang group – paid around $US700 mil- the journey.” The company’s latest investment – a
lion for Noront in April. While the corner- Wyloo won’t be rewriting the exploration $120 million equity funding package to be-
stone asset in the deal was the Eagle’s rulebook at Eagle’s Nest. It plans to stick come the largest shareholder in Greatland
Nest nickel project, Wyloo chief executive close to the Noront approach. Gold plc – may not have as strong critical
Luca Giacovazzi said the wider opportu- “It has been a lovely cultural fit from the minerals and downstream credentials but
nity on the Ring of Fire project would likely start,” Giacovazzi said. “That has meant it does give Wyloo access to another dis-
be even more valuable. we can give the team the autonomy to do trict-scale exploration play.
“If anything, we are more excited than what they wanted all this year.” Greatland is developing the Havieron
when we acquired the project,” Giacov- Among the new ideas introduced by copper-gold project in the Paterson prov-
azzi told Paydirt. “As we have spent more Wyloo is development of a downstream ince, Western Australia.
time on the geology, we have recognised battery minerals plant. Giacovazzi said it Wyloo swooped after Greatland’s JV
that it is not just Eagle’s Nest, but an entire was inevitable larger miners would inves- partner Newcrest Mining Ltd announced
world-class basin.” tigate value addition in minerals such as it would not exercise its option to acquire
The beauty for Wyloo is that Ring of Fire nickel. an additional 5% of the project and remain
is essentially a blank canvas. As well as a “You can add a lot of value and mar- at 70%
reserve of 11.13mt @ 1.68% nickel, 0.87% gin to product by going downstream, but “Havieron is a Tier-1 deposit that con-
copper, 0.89 g/t platinum and 3.09 g/t pal- it depends on the projects you have,” he tinues to grow in scale and quality as
ladium at Eagle’s Nest, the project boasts said. “Only certain projects that have scale the understanding of the mineral system
chrome, gold and copper-zinc. will be able to go downstream and we are evolves,” Giacovazzi said.
Giacovazzi said all prospects were be- lucky to have it at Ring of Fire. Wyloo is “The Paterson range is emerging as
ing assessed as the company considered very different to traditional miners, we are Western Australia’s next prolific mining
its options. comfortable moving up and down the val- province, and Greatland has an expansive
“We have a lot of technical information ue chain.” tenement package, which we believe has
already with more than $450 million spent In February, Wyloo and IGO Ltd an- great potential for further discovery.”
there but it is a mismatch of studies,” he nounced a JV to evaluate the technical, The investment could potentially be
said. “We are thinking of the whole devel- commercial and economic feasibility of de- another blocking move by Wyloo. In late
opment Eagle’s Nest and the chrome, how veloping a downstream nickel processing 2021 it began acquiring shares in Western
we incorporate a battery minerals plant, a facility based in Australia and in August, Areas above the offer price made by IGO
ferrochrome plant and put it all together.” the company announced a $150 million for the nickel miner. That move eventually
While there are numerous options, the investment in rare eaths developer Hast- saw IGO increase its bid 15% and with ru-
main focus will remain on nickel sulphides. ings Technology Metals Ltd, which in turn mours circulating that Newcrest is consid-
Eagle’s Nest is associated with an ul- will acquire a 22.1% interest in Neo Per- ering a full bid for Greatland, Wyloo may
tramafic sill complex running over 15km formance Materials Inc, a rare earths pro- have a role to play.
strike, Giacovazzi said it was likely to be cessing and permanent magnets producer Alternatively, to present, exhibit or attend as a delegate
only one of several economic deposits listed on the TSX. – Dominic Piper please contact Paula Fujita directly
along the corridor. “The Hastings investment is certainly in
on (+61) 8 9321 0355 or paula@paydirt.com.au

Page 74 OCTOBeR 2022 aUSTRaLIa’S PaYDIRT