New exploration project on the cards
PERTH (miningweekly.com) – ASX-listed juniors Twenty Seven Co and Peel Mining have inked a binding memorandum of understanding with privately held New Zinc Resources to form a large tenement package in New South Wales, dubbed the Mundi Mundi project.
The prospective iron-oxide/copper/gold project will be housed within a new vehicle jointly owned by the three firms. The project will span some 679 km2, and will host a number of known priority targets.
The new company would seek a major partner to fund exploration and development work at the project.
Twenty Seven Co CEO Ian Warland on Friday said that the forming of the Mundi Mundi project delivered several positive benefits, including leveraging the company’s high quality Perseus asset, participating in the exploration upside across an enlarged tenure package on a free-carried interest basis, and aligning with an experienced explorer in Peel Mining.
The transaction also freed up management time allowing Twenty Seven Co to focus on its core Rover project.
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