Fox and Pilbara sign JV agreement
PERTH (miningweekly.com) – ASX-listed juniors Pilbara Minerals and Fox Resources have established a joint venture (JV) to explore Pilbara’s Western Australian tenements.
Following on a memorandum of understanding signed earlier this year, the two companies were now working to finalise an exploration programme on ten of Pilbara’s 14 exploration tenements, which were prospective for base metals, platinum-group elements and gold mineralisation.
Under the agreement, Fox would acquire up to an 80% interest in the tenements by carrying out extensive exploration activities. The junior would be required to make an up-front cash payment of A$150 000 to Pilbara Minerals to earn an initial 40% interest, with the remaining 40% to be earned in three stages over a period of three years.
Each of the first two stages would require Fox to expend A$565 000, and each stage would earn the explorer a further 15% shareholding. The final stage would require an expenditure of A$839 000.
In total, Fox would spend some A$2.19-million to earn the majority interest in the project, and would serve as manager of the JV.
“The formation of this JV will enable us to follow-up the geophysical anomalies previously reported, to identify new anomalies and to define drill targets,” said Pilbara nonexecutive director Gavan Farley.
“The association with Fox as co-venturer and manager will leverage their extensive experience in the region,” he added.
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