PERTH (miningweekly.com) – Junior Magmatic Resources’ joint venture with Japan Oil, Gas and Metals National Corporation (Jogmec) over the Parkes copper/gold project, in New South Wales, has been enacted, with the first exploration spend agreed.
Under the terms of the March JV, Jogmec can earn a 51% interest in the two exploration tenements making up the Parkes project by funding up to A$3-million.
The two companies have now agreed to a A$1-million exploration programme over the first year of the earn-in, with drilling planned to start in either October or November this year.
Under the terms of the JV, Jogmec would be required to spend a minimum of A$300 000 before being able to withdraw from the JV agreement.
“We are delighted to partner with Jogmec, one of the world’s leading greenfield exploration entities,” said Magmatic MD David Richardson.
He noted that the Japanese company’s history of copper/gold porphyry exploration success, combined with Magmatic’s own technical team should prove the best opportunity for exploration success.
The Parkes JV is only the fifth JV that Jogmec has in Australia.