Pictured: Metals X Chief Exectuive Mike Spreadborough
Big pocketed IGO Ltd has entered a farm-in/JV agreement with Metals X Ltd over the latter’s 2,394sq km of ground in the Paterson province.
The term sheet does not include the Nifty or Maroochydore projects.
IGO can sole fund $32 million of exploration activities over 6.5 years to earn a 70% interest in the Paterson Exploration Project (PEP), including a minimum expenditure before withdrawal of $11 million over 3.5 years.
Upon earning a 70% interest, the JV will form and IGO will free-carry Metals X to the completion of a PFS on a new mineral discovery.
“Importantly, Metals X will retain full control of the Nifty Copper Operation and its established infrastructure plus the Maroochydore Copper Project which collectively host over 1mt of in-ground copper metal,” Metals X chief executive Mike Spreadborough said.