PERTH (miningweekly.com) – Explorer Pepinnini Minerals has withdrawn from its option agreement over the Spinifex Ridge project, in Western Australia.
In 2014, the junior company purchased an option agreement from fellow listed Phosphate Australia over two tenements located in the West Musgrave province, spending A$100 000 for the right to explore for a period of 12 months, which was later extended to 18 months.
A further A$50 000 was payable should Pepinnini decide to continue exploration further.
However, the ASX-listed company on Monday said it had taken the decision to withdraw from the Spinifex Ridge project, in order to focus on its Central Musgrave project and the joint venture with mining major Rio Tinto, in South Australia.