This is a better/larger Images- Notice Metals X is above us in...

This is a better/larger Images- Notice Metals X is above us in Cue, and next to us In Musgrave


METALS X LIMITED BUYS RIO OUT OF MUSGRAVE RANGES JV TO WHOLLY CONTROL THE WINGELLINA LAYERED INTRUSIVE COMPLEX

Metals X Limited (“Metals X”) (ASX:MLX) is pleased to announce that it has finalised the acquisition of Rio Tinto Exploration Pty Ltd (Rio Tinto) interests in the Mt Davies JV. This acquisition consolidates Metals X’s ownership of the Wingellina layered intrusive complex in the Central Musgrave Ranges.

The tenement (E3932 Mt Davies) is located in South Australia and is encapsulated within Metals X’s 100% owned tenement EL4751. The tenement was previously subject to a farmin agreement with Rio Tinto in which Metals X was earning a 51% interest. The tenement hosted part of the Claude Hill deposit which consists of an Inferred Resource of 33.3 million tonnes grading 0.81% Nickel and 0.07% Cobalt. Claude Hills, which will now be 100% owned by Metals X, is located approximately 25kms to the east of the massive Wingellina deposit which hosts a Total Mineral Resource of 183.2 million tonnes @ 0.98% Nickel and 0.08% Cobalt, containing almost 1.8 million tonnes of Nickel and a Probable Mining Reserve of 167.5 million tonnes at 0.98% Nickel and 0.08% Cobalt (refer to numerous past ASX announcements on Mineral Resources).

Metals X previously completed a feasibility study (+/-25%) for the Wingellina project in 2008 using industry experts that concluded a robust project development with a minimum 40 year mine life at an average annual production rate of 40,000 tonnes of nickel and 3,000 tonnes of cobalt at a production cost estimate of US$3.34/lb after cobalt credits. The capital cost estimate for the project was $2.3 billion.

https://www.metalsx.com.au/system/announcements/520/20130819_Wingellina_Rio.pdf