Nearology cult hangs on Nova
From near-billionaires to semi- retired prospectors - and even multibillion-dollar iron ore miners - the landholders surrounding Sirius Resources' breakthrough Nova deposit are a mixed bunch.
Yet they have one thing in common: they all believe their land hosts the next big thing.
Considered to be the hottest property on the exploration map in Australia, the race for land heated up this week when Perth-based micro cap Windward Resources paid about $7.7 million in scrip and cash for a 70 per cent stake in a big parcel of land next to Nova.
The seller was veteran prospector, and quasi-billionaire, Mark Creasy. Mr Creasy is the kingmaker of the Fraser Range.
Well-known across the industry as a rampant landholder, he has an extensive portfolio around Nova.
The black sheep of the bunch is prospector Paul Askins. The self-employed geologist has some of the more valuable ground, which, judging by Mr Creasy's deal this week, could be worth millions.
Describing himself as a "minerals exploration geologist trying not to retire", Mr Askins pegged the ground in 2009 and has it until April 2015.
On his website, Mr Askins said he ran Shell's WA mineral exploration unit for 10 years "and managed to find a very large gold deposit, for which I was rewarded with retrenchment (and a) mid-life crisis".
Mr Askins was contacted for comment.
Other players include Mr Creasy's business manager Steve Lowe who owns land to the north-east of Nova under the company Bogart Rise. And curiously, notorious tenement holder Fortescue Metals Group has a small parcel of land south-east of the discovery.
Although the concept of nearology is not new, it does have a chequered background. A stampede of companies moved into land surrounding Sandfire Resources' DeGrussa discovery in 2009. The companies had mixed results.
But nearology still gets brokers - and investors - hot and heavy. Shares in Enterprise Metals more than doubled this week after it announced new "high priority nickel sulphide targets" on its land, about 30km south-west of Nova. Shares in Paul Poli's Matsa Resources have jumped on the back of Nova. It is drilling program at its Fraser North project, however, no results have yet emerged. Buxton Resources is set to release drilling results in the next two weeks.
