PERTH (miningweekly.com) – ASX-listed SensOre has struck a deal with fellow-listed Venture Minerals to earn up to a 70% interest in all mineral rights, with the exclusion of rare earths, at the Golden Grove North project, in Western Australia.
SensOre will spend up to A$4.5-million over two stages, earning an initial 51% interest in the project by spending A$1.5-million of farm-in expenditure within the first two years of the farm-in period.
SensOre could earn a further 19% interest in the joint venture (JV) area by spending a further A$3-million at the end of the farm-in period.
“The farm-in with SensOre provides Venture with the exposure to its AI technology for a potential new copper and lithium discovery, whilst retaining the rights to rare earths. The recent results from Vulcan and the fact SensOre has agreed to drill test this high priority target is a great outcome for Venture and its shareholders and allows Venture to continue to grow its rare earth exposure,” said Venture MD Andrew Radonjic.
“We look forward to working with SensOre and their team in the upcoming exploration and drill programme and are excited about unlocking the potential of Golden Grove North for our shareholders.”
SensOre CEO Richard Tyler told the company’s shareholders that it was excited about both the copper and lithium potential of the area.
“With our partners at Deutsche Rohstoff, we are building a compelling portfolio of lithium projects and honing new techniques for discriminating lithium fertility over large areas. We bring to the joint venture with Venture Minerals a growing body of R&D from Western Australia to New South Wales on how to narrow in on Australia’s next generation lithium targets.”