Cosmos South is being acquired from MG Resources for a total of A$300,000 in NickelX shares and a commitment to spend $500,000 in exploration.
The ground is said to be almost entirely covered by transported alluvial deposits and to have seen only very limited exploration.
However, "ultramafic rocks which host nickel mineralisation to the north and south (are) interpreted to strike through the Cosmos South (ground) … which has been identified from preliminary review of existing magnetics data".
NickelX further said an EM target(s) had been generated, interpreted to start at about 60-80m from surface.
NickelX started the current quarter with A$5.6 million cash.
Shares in NickelX were trading this week at 12c capitalising the junior at $8.2 million.
