PERTH (miningweekly.com) – ASX-listed junior Iron Mountain Mining has taken full ownership of the Miaree and Blythe joint ventures (JVs), paying JV partner Red River Resources a "nominal" fee.
Iron Mountain said on Friday that as a result of the acquisition, both JVs would be terminated, and would allow Iron Mountain the freedom to explore the best commercial outcomes for both projects.
The transfer of the Miaree JV interest would be subject to the receipt of all requisite government approvals.
The Miaree project, in Western Australia, includes three exploration licences covering some 150 km2 of tenement area. The project is estimated to host a Joint Ore Reserves Committee-compliant resource of 286-million tonnes, with an average grade of 31.36% iron.
At the end of January, Iron Mountain told shareholders that the company continued to seek expressions of interest from a strategic partner or buyer with a view to form a potential JV or outright sale for the Miaree magnetite project, as a way to realise value for the asset.