Australian companies Maverick, Rincon form JV on West Arunta project
ASX-listed explorers Rincon Resources and Maverick Minerals Australia have entered into a binding heads of agreement to form a joint venture (JV) on Rincon's West Arunta copper/gold/rare earths/nobium project, in Western Australia.
In terms of the agreement, Rincon will divest 90% of its interest in Lyza Mining, a subsidiary that holds eight tenements comprising the West Arunta project. Rincon will retain a 10% free-carried interest in the JV until a decision to mine is reached.
Maverick will pay a $600 000 upfront consideration comprising $100 000 in cash and $500 000 in Maverick shares, while another $500 000 in shares is deferred in two equal tranches upon completion of two drilling programmes.
The shares to be issued as part of the initial consideration and deferred consideration will be subject to Maverick shareholder approval and have a deemed issue price of $0.015 apiece.
Rincon technical director Michael Griffiths says the transaction represents an attractive outcome for the company, securing cash and equity while retaining a 10% free-carried interest in the West Arunta project.
The structure enables shareholders to benefit from future exploration success, while significantly reducing the company's funding requirements. This partial divestment paves the way for Rincon to dedicate further funds towards its other Western Australia-based projects - Telfer South and Crackerbox.
Rincon also recently disposed of its Laverton project to focus its exploration efforts on core assets.
Maverick chairperson Philip Re says the acquisition of additional tenements in the West Arunta region through Lyza Mining is an exciting expansion of the company's interests in the area, adding to the potential of the Viper project.
Maverick is currently planning its exploration of the Viper project and will now incorporate these new tenements into those plans.
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