CZR Resources (ASX:CZR):CZR is another on its way to cashed-up...

CZR Resources (ASX:CZR):CZR is another on its way to cashed-up explorer status thanks to the proposed sale of its 85% interest in the Robe Mesa iron ore project in the Pilbara to China’s Xinjiang Jiangna for $102 million.The sale price represents 43c a share, which is interesting given CZR last traded at 34c, and because the company also has its Croydon (gold along strike from De Grey’s Hemi deposit) and Buddadoo (vanadium-titanium in WA’s mid-west) to continue on with.CZR was last mentioned here in November when it was trading at 22.5c a share. The suggestion then was it was undervalued based on the financial metrics for a development of Robe Mesa and failing that, the potential for Rio Tinto to bid for the company or the asset.CZR’s Robe Mesa is actually an extension of Rio’s Mesa F orebody. Suggestions that Rio would have no interest in CZR’s ground because it wants a higher grade future looks to be bit of nonsense as it has pattern-bomb drilled up to the CZR fence line.And in the wake of its Juukan Gorge disaster, Rio should be looking to control what goes on in its own background, albeit across the fence line. None of that means Rio will seek to outbid the Chinese for CZR’s Robe Mesa. But there are good reasons to think it might. The sale to the Chinese will be a test of sorts for Australia’s foreign investment policy as the deal is subject to approval from the FIRB and ultimately, the Federal Treasurer, gentleman Jim Chalmers. The Robe Mesa project is boutique stuff in Pilbara iron ore terms. But who knows nowadays?Assuming that Robe Mesa does get passed on to the Chinese, or Rio at a higher price, CZR is clearly going to be one cashed up explorer. And that is something few juniors on the ASX can pin their name.As an aside, Mark Creasy owns 53% of CZR and is involved in sale talks with the Chinese for his 15% stake in the project. It is noted that his wife Annie Guo sits on the CZR board which unanimously supports the sale of CZR’s 85% project stake.