Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed Fraser Range Metals Group has signed a nonbinding joint venture (JV) proposal over its Plumridge East multi-metals project, in Western Australia, worth about A$1.2-million.
The JV, which would be entered into in exchange for a combination of shares and cash, would be on an 80:20 basis, with Fraser Range being free carried for the first A$500 000 spent on the tenements.
Fraser Range did not release the name of its JV partner.
The company noted, however, that the parties had started legal, financial and tenement due diligence, and were working towards concluding a binding agreement in the coming weeks.
The Plumridge East project covers 594 km2 and is prospective for gold, base metals, nickel and platinum-group elements.