PERTH (miningweekly.com) – Junior Marindi Metals has struck an agreement with Japan Oil, Gas and Metals National Corporation (Jogmec), enabling the Japanese major to earn a majority interest in the Caranbirini zinc project, in the Northern Territory.
Jogmec could earn an initial 51% interest in the project by funding A$2-million of exploration over the first two years of the agreement, and could increase this shareholding to 70% by spending a total of A$4-million over a three-year period.
“We are extremely pleased to be working with such a high calibre international partner in Jogmec to enable the true potential of our highly prospective and strategic Caranbirini project to be properly evaluated,” said Marindi MD Joe Treacy.
“We consider this agreement, which follows several months of discussions with Jogmec, represents a very significant vote of confidence in both the prospectivity of the Caranbirini project and Marindi’s exploration expertise.”
The Caranbirini project comprises six tenements immediately north of the McArthur River zinc project, owned by Glencore. Historic drilling within the tenements has return high-grade lead zinc mineralisation, with previous field work identifying a number of high priority drill targets.