Companies have signed an option agreement under which Hochschild can earn a 60% stake in the project.

Company plans to update resources for the property and apply for a mine license in the third quarter.

The Sudbury-based company will concentrate on its Wollaston copper project.

To date, the company has identified five zones of mineralization.

Sample assays include 0.74% nickel, 4.09% copper and 2.51 g/t PGEs.

Latest resource update features measured and indicated resources of 54.9 million tonnes grading 1.75 g/t gold for a total of 3.1 million oz.

Implats plans to drill 5,400 metres in four holes to test for high-grade platinum group metal mineralization.

The study projects a preproduction capex of $901 million for the open-pit project.