ASX-listed Matsa Resources has entered into an agreement with exploration company IGO Newsearch, whereby IGO will acquire a 70% interest in the copper/nickel Symons Hill project as well as Matsa’s other Fraser Range tenements in Western Australia.
Under the terms of the agreement, IGO will pay A$600 000 in cash and then free carry Matsa for all exploration to the completion of feasibility studies or the decision to mine, whichever occurs earlier.
“This transaction enables IGO to have unfettered access to any part of Matsa’s Fraser Range landholding and explore the tenements to the fullest extent without specific time or cost demands. It provides Matsa with a cash boost as well as receiving the expert knowledge and exploration experience of the IGO team,” Matsa executive chairperson Paul Poli said on July 1.
Both companies have agreed to terminate any other existing agreements and immediately proceed with this one all-encompassing agreement for the entire Matsa holding in the Fraser Range.