Independence signs up for Encounter land
PERTH (miningweekly.com) – Diversified metals miner Independence Group has announced plans to enter into an earn-in and joint venture (JV) agreement with junior Encounter Resources over its Yeneena copper/cobalt project, in Western Australia.
Under the terms of the agreement, Independence would sole fund up to A$15-million in exploration expenditure over a seven-year period, to earn a 70% interest in the project area.
Independence would act as manager for the project, and on the completion of the earn-in, a JV would be formed with the partners contributing funds based on their respective interest in the project.
“This partnership with Independence is just what Yeneena needed. Deploying a suite of new exploration methodologies in 2019 has provided a new perspective on the mineral potential at Yeneena,” said Encounter MD Will Robinson.
“We look forward to continuing this exciting partnership with Independence to refine and test a number of large-scale copper/cobalt targets at Yeneena in 2020.”
Yaneena covers more than 1 400 km2 in tenements in the Paterson province.
A significant exploration programme is planned for 2020 and expected to include additional ground geophysics and further application of geochemistry, followed by aircore and reverse circulation drilling, or diamond drilling.
Exploration activity is scheduled to start in either April or May, and will continue through to November.
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