JOHANNESBURG (miningweekly.com) – ASX-listed Panoramic Resources has entered into a farm-in agreement with Territory Uranium, to earn up to 80% in the Bluebush copper/gold project, in Tennant Creek.

Panoramic Resources has agreed to spend $500 000 in the first 12 months of the agreement, while Territory Uranium would manage the project until Panoramic has earned a 51% equity, by spending $3-million over three years.

The company could earn up to 60% by spending $6-million within five years, and up to 80% if it spent up to $9-million or completed a feasibility study, within seven years.

The focus of the Bluebush joint venture (JV) would be to fund drilling based exploration, to test a series of geophysical and geologically defined targets. Panoramic reported that the major target was the district scale Bluebush combined gravity and magnetic anomaly, which was similar in size, response, and geological setting to the anomaly that lead to the discovery of the Olympic Dam orebody.

Previous drilling on the body failed to explain the source of the anomaly and it, therefore, remained to be tested.

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