Oz advances farm-ins at Mt Woods
PERTH (miningweekly.com) – Copper miner Oz Minerals has inked another farm-in joint venture (JV) over its Mt Woods tenement, in South Australia.
Junior PepinNini Minerals reported on Tuesday that it would explore for nickel sulphides, platinum-group metals and commercial accessory minerals such as cobalt, gold and silver at Mt Woods.
PepinNini would undertake at least 8 000 m of drilling, spending A$4.4-million to earn an initial 40% interest in the project area.
Subject to Oz Minerals electing not to contribute to further expenses during stages three to five of the exploration, PepinNini could earn a further 40% interest in the project area by undertaking an additional 30 000 m of drilling and by spending A$12-million on exploration during stages three and four, and A$15-million on a prefeasibility study during stage five.
The agreement with PepinNini followed shortly after Oz Minerals inked a heads of agreement with Minotaur Exploration that would allow the explorer unfettered access to Oz Minerals’ database over the Mt Woods project area, which Minotaur would use to try to identify new mineral discovery opportunities.
Oz Minerals would reimburse Minotaur for up to 80% of its time costs on the research work, which was expected to take several months to complete.
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