Fortescue signs up for SER's Canobie
PERTH (miningweekly.com) – Iron-ore major Fortescue has inked a farm-in and joint venture (JV) agreement with ASX-listed Strategic Energy Resources (SER) over the Canobie project in north-west Queensland.
Under the farm-in agreement, Fortescue subsidiary Fortescue Metals Group can earn a 51% interest in the project by spending A$4-million on exploration, which will include a minimum of 3 000 m of basement drilling within the first three years.
During the Stage 1 earn-in, SER will operate and conduct all exploration activities.
Fortescue can earn an additional 29% interest in the project by spending a further A$4-million over an additional three-year period, including a minimum 3 000 m of basement drilling.
“We are excited to partner with Fortescue in the search for copper and nickel across the Canobie project. SER has already demonstrated the potential for iron-ore/copper/gold and magmatic nickel at Canobie, and with Fortescue’s support, together we are now able to systematically test multiple drill targets within the project,” said SER MD Dr David DeTata.
“Furthermore, appointing SER as operator shows strong support for SER’s ability to execute work programmes and will enable SER to also benefit from Fortescue’s substantial technical and operational capability. This partnership is aligned with our strategy of generating, de-risking and advancing high-quality greenfield projects through our science-driven approach to exploration and sharing risk and reward to ensure the strategy will endure.”
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