PERTH (miningweekly.com) – ASX-listed Adelaide Resources has signed a heads of agreement with Emmerson Resources to form a farm-in and joint venture (JV) over the company’s Rover copper/gold project, in the Northern Territory.
Under the agreement, Emmerson will sole fund A$2-million in exploration over a three-year period, to earn a 51% interest in the project. Once this milestone has been achieved, Emmerson can elect to sole fund a further A$2-million over an additional three years, to increase its shareholding in the project to 75%.
The Rover project comprises two wholly owned tenements located some 85 km to the south-west of Tennant Creek. The project area is prospective for ironstone-hosted copper/gold deposits.
Adelaide acquired the project in 2005 from a subsidiary of Newmont Mining, and to date, the junior has completed an extensive exploration programme discovering copper and gold prospects.