PERTH (miningweekly.com) – Diversified resources company Straits Resources has signed a joint-venture (JV) agreement with Uranium Exploration Australia (UXA) to explore nine uranium tenements in South Australia.

Straits would assume management of the exploration of the nine tenements on the Stuart Shelf, and had the right to earn a 70% interest in the projects by spending A$10-million over the next seven years.

Straits could withdraw from the JV after spending an initial A$1,5-million on exploration, over two years.

UXA MD Russell Penney said that the agreement underlined UXA’s strategy of changing its exploration focus to new projects in Western Australia and the Northern Territory.

UXA has explored for iron-oxide/copper/gold deposits on the Stuart Shelf since 2006.

Straits controls and operates the Tritton copper mines in New South Wales and the Mount Muro gold mine in Indonesia.

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