I did a little research, thinking about what ML 1SA and similar "heritage tenements" represent to exploration by other companies. Some other aspects were mentioned at the AGM but my notes are poor and recall limited.
DYOR as my understanding of these issues is limited.
Further down it mentions ML 1SA covers 7129 sq. Kms. The agreement only seems to mention the right to mine bauxite so there may be some fine print to cover the possibility of interest in other elements/exploration. That exploration has occurred currently, and in the past in the Julimar area (CHN and at least one Creasy backed V/Ti drill program c2010) shows it is not impossible.
Don't think there are any direct precedents, in part, because the basement geology of the area was long considered to be a sea of 'boring' granites and gneisses until more detailed aeromagnetic data became available. 1970's geochemical sampling at Boddington would have begun the change to that perspective and led to its discovery.
There was a wave of interest in Platinum, Palladium, Ni/Cu in the early 2000's more focused (but not restricted to) on the New Norcia to Bindi Bindi area NE or Perth.
Apparently corporate "precursors" to Caravel (some director(?s) in common - at least) were active at the time and held Julimar tenements, plus the Mt William ones. Julimar was put in the too hard basket and dropped (NIMBY at the time, add on state forest/park to be access issues - endangered wild life -- will be interesting to see how this unfolds now a significant deposit is being revealed).
I did ask (AGM) about the Boddington gold mine as being something of a precedent. I didn't record the response - vague recall that the ownership was split Alcoa/Reynolds in the early days and that some government action may have been required (not certain about this). Subsequently there was a complex series of ownership changes before Newmont ended up with 100%. Portergeo science Link.
Access to Iron ore railways in the Pilbara was (?is) another issue associated with heritage tenements. FMG probably solved most of their requirements by building their own. I believe sharing was the ultimate solution but logistics meant this didn't provide too much benefit to third parties. DYOR - complex issues.
There was a case where someone staked the middle of the Paddington Gold Mine after the company had 'forgotten' when a key lease expired. The WA government of the day came to a decision that saw the company continue mining. Not the same thing.....
========== Since two companies have staked the Mt William anomaly they must have some reason to think they could get access in spite of the state agreement with Alcoa. ....
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Alcoa and other companies with state agreements have taken the risk to help make WA's economy what it is today - hasn't hurt their bank balance either - so "some perks" were given to encourage the development.
The environmental report mentions mine life of 45 years - 2060! 100 years! ====== I had a post moderated because it contained comments about legal issues discussed in more detail than wise at an AGM. This will go to some form of decision making body. =======
SP heading to the CR issue price.
CVV Price at posting:
8.3¢ Sentiment: Hold Disclosure: Held
(20min delay)