PERTH (miningweekly.com) – The Foreign Investment Review Board (FIRB) has given approval for Japan Oil, Gas and Metals National Corporation (Jogmec) to invest some A$7-million into ASX-listed Peel Mining’s Cobar superbasin project.
Under a memorandum of understanding (MoU) Jogmec would have the right to earn up to 50% of the Cobar project, in New South Wales, by funding A$7-million in exploration expenditure.
Peel has previously said that the deal gave the company a clear path for exploration on the Cobar superbasin assets in the medium term, and along with the co-funding agreements with the state government, provided Peel and Jogmec the best opportunity for exploration success.
Exploration has been ongoing throughout the year and resulted in the delineation of several priority targets which the joint venture partners planned to commence drilling on in the near term.
“The final approval for the MoU has been a great outcome for both parties and we look forward to seeing some great exploration outcomes from the work over the coming months,” said Peel MD Rob Tyson.
“The company has been working with Jogmec to develop a programme of work for the next few months that gives us the best chance of success. This includes the start of the drilling of targets previously identified, as well as work to generate additional exploration targets for the second period of Jogmec’s farm-in, which consists of an additional exploration expenditure of up to A$1.5-million to March 2016.”