Rio Tinto has partnered with Twenty Seven Co. (TSC) to explore for non-gold minerals at the Rover project in the central Yilgarn region of Western Australia.
Through subsidiary Rio Tinto Exploration (RTX), the major miner will invest $25,000 up front for an initial six-month option, which may be extended if circumstances mean RTX can’t meet the deadline.
RTX will make a further payment of $25,000 upon an extension of the option period.
At any point during the option period, RTX can farm into Rover and earn an 80 per cent joint venture interest by sole funding $5 million in exploration for non-gold minerals.
RTX will also need to complete a minimum of 500m of drilling in the first two years of the farm-in and spend a minimum of $200,000 in exploration expenditure during each year of the farm-in.
The Rover project is located in a base metals and gold mineral rich area associated with Archean greenstone belts. Exploration would be focused on the northern Rover exploration licence (E57/1134), which is one of three Rover exploration licences.
TSC will retain the gold mineral rights with respect to E57/1134.
“We are delighted to be partnering with Rio Tinto Exploration to advance exploration for non-gold minerals within the northern part of our Rover project in Western Australia, complementing TSC’s existing gold exploration activities,” TSC chief executive officer Simon Phillips said.
“RTX brings to the table a successful exploration track record and deep technical experience that will strongly complement the work completed by TSC’s technical team over recent months.
“The Yilgarn region is currently undergoing an exploration resurgence and the fact that we have attracted a global miner such as Rio Tinto demonstrates the underlying potential of our tenements.”