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PrintMinerals explorer Metals X has acquired Rio Tinto's interests in the Mt Davies joint venture in South Australia for $500,000.
The Mt Davies tenement, which includes nickel and cobalt deposits, was previously subject to an agreement with Rio in which Metals X earned a 51 per cent interest.
Perth-based Metals X said the acquisition also involved 870,000 fully paid shares.
Chief executive Peter Cook said there was significant potential for additional resources at Wingellina and Claude Hill.
"Although the current nickel price is depressed, these projects are extremely long life and of a magnitude that means they will definitely be developed at some time in the future," Mr Cook said.
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