PERTH (miningweekly.com) – Base metals producer Red River Resources has acquired the remaining 49% interest in licences that are the subject of a joint venture (JV) agreement with Natural Resources Exploration Group (NRE) for A$150 000.
Red River entered into the JV with NRE in 2015 on the Mt Windsor project, and has completed the Stage 1 earn-in, to gain a 51% interest in all the JV tenements.
This transaction has removed both the previous requirements under the JV agreement, which was to spend a further A$750 000 on exploration activities to earn an additional 39% interest and the 1.5% net smelter royalty that was payable to NRE on any production.
Red River told shareholders that it intended to continue the systematic exploration programme that was started in early 2015, with a programme of soil sampling, mapping, geophysical exploration to define drill targets along with drill testing of known drill ready targets.