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Exploration|Platinum|Resources|Drilling
Exploration|Platinum|Resources|Drilling
exploration|platinum|resources|drilling

Rio strikes exploration deal with Sultan

21st June 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The exploration arm of diversified miner Rio Tinto has entered into a farm-in and joint venture (JV) agreement with ASX-listed Sultan Resources over a portion of Sultan’s Lake Grace tenure, in Western Australia.

Rio Tinto Exploration will pay Sultan A$25 000 for the right to conduct a preliminary stage exploration over the base metals tenements over the next six months, and can extend this period by a further six months for an additional A$25 000 payment.

Rio can, at any time, elect to farm-in to the option area and earn an 80% interest in a JV by sole funding A$2-million of exploration activity, including undertaking a minimum 1 000 m of drilling. Rio has five years in which to meet the minimum farm-in expenditure requirements, but has agreed to pay Sultan a further A$50 000 if this expenditure is not met within three years.

Sultan chairperson Jeremy King told shareholders on Wednesday that the company was pleased with the agreement, and was hoping it would lead to a mutually rewarding partnership.

“We will continue with our own exploration activity at our Kulin Hill tenure which we view as highly prospective for nickel/platinum group metals ground, and with the recently completed placement and acquisition of lithium tenure in Ontario, it is shaping as a busy period for the company.”

Edited by Creamer Media Reporter

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