Marifil said late Friday that Prophecy, which previously had the option to acquire up to 70 per cent of Las Aguilas, has terminated the joint venture and earn-in option deal between the two parties.
Marifil has already begun discussions with an Argentinean company, it said, which is interested in "forming a partnership to develop the property".
“While we are disappointed that Prophecy Platinum has elected not to move forward with Las Aguilas, we remain excited about the property and the opportunity to form a new partnership," Marifil's president, John Hite, said in a statement last week.
"Since Las Aguilas has a 43-101 (Wardrop Engineering) indicated plus inferred resources containing a minimum of 18,871 tonnes of copper, 18,796 tonnes of nickel, 1,381 tonnes of cobalt and 1,222,670 grams per ton of platinum plus palladium, we remain encouraged about its near-term development possibilities.
"We look forward to partnering with a company that will focus on expanding this resource and engaging in mine development, and are confident in the project’s potential.”
The Las Aguilas nickel-copper-platinum group project is located in the province of San Luis, Argentina approximately 800 km to the west of Buenos Aires.
It is accessible by paved and dirt roads from the city of San Luis, roughly 35 km to the northeast. The project consists of 33 concessions totaling 57,597.8 hectares.