chinese beat poz to land abutting nebo/succoth

The southern tip of POZ's ELA 69/3191 is about 10km from BHP Billiton's Nebo discovery and 15km from BHP's Succoth discovery.

Nebo and Succoth lands are now controlled by Cassini Resources (CZI).

The nearby POZ tenement has an area of 167km and is strategically placed. It includes the town of Jameson.

Jameson is 125km east of Warburton and has government infrastructure, a 2km gravel airstrip, community hall, general store, ABC re-broadcasting and satellite access to two TV channels.

If Cassini does what it says it will do - turn Musgrave into a mining hub - POZ may be well-placed to participate.

POZ says ELA69/3191 has shown PGE surface assays of up to 3.4g/t, mainly platinum.

The tenement, it says, has "10s of km of strike potential."

But POZ's cash reserve of $2m may not be enough for it to realize that strike potential.

Clearly the company is/will be looking for a JV partner.

Its main JV partner is Anglo American, MC $A24b.

Anglo American has been drilling POZ's nearby 619 sq km Manchego tenement E69/2864 and has the right to earn 70pc with POZ free carried until completion of a BFS.

Anglo American has spent about $500,000 on a two phase RC drilling program but is not currently drilling as it decides if/when to announce Phase 3.

Apart from Anglo American, POZ may have other JV options.

I'm told Chinese interests have just beaten POZ and about eight other candidates in a ballot for ELA 69/3154 (49 sq km) and ELA 3155 (34 sq km).

These tenements abut CZI's Succoth discovery and its Nebo-Babel deposit of 393mt @ 0.3pc Ni and 0.3pc Cu.