PERTH (miningweekly.com) – ASX-listed explorer Blackthorn Resources said on Monday that it was unlikely to secure the sale of its 74%-interest in the Mokopane nickel and platinum-group element project, in South Africa, before the current permit expired in April.

Blackthorn announced in July that it had accepted an offer from its black economic-empowerment partner Matimba Resources, to purchase the 74%-interest for R4-million.

However, to date, Blackthorn has not been able to secure a settlement of the sale of this interest.

“Unfortunately, despite considerable efforts by Blackthorn, the company has not been able to get Matimba Resources to execute the necessary sale and purchase agreement to effect settlement of the transaction,” said MD Scott Lowe on Monday.

He added that it was also unlikely that Matimba Resources would be in a position to secure the necessary funding to complete the settlement, before the permit expires in April.

Blackthorn fully impaired the carrying value of its investment in Mokopane in 2009.

The company holds the prospecting rights licence that covers an area of 960 ha over the Mokopane project. In March 2006, the company was granted Ministerial consent for the conversion of new order rights which provided for an additional 3 000 ha of ground for exploration purposes.