PERTH (miningweekly.com) – ASX-listed juniors Focus Minerals and Cobre Montana have executed a joint venture (JV) over the Coolgardie project, in Western Australia, to hunt for rare metals.
The Coolgardie tenement covers 20 prospecting licences and two mining leases, and was thought to be prospective for lithium and rare earths.
Under the terms of the JV agreement, Cobre would sole fund exploration on the project area to the point of committing to a definitive feasibility study, over the next five years.
At the end of the period, Cobre would have earned an 80% interest in the project area, with Focus maintaining a 20% hold.
Cobre told shareholders on Wednesday that the JV agreement complemented the company’s option to purchase an exploration licence in the Ravensthorpe mineral field, in Western Australia, which was also thought to host rare metal resources.