Australian metals explorer Clancy Exploration Limited has announced that Kaizen Discovery Incorporated has informed the company of its intention to withdraw from the Fairholme joint venture project.
Kaizen, which held 49% interest in the project, will withdraw from the JV on 22 April 2016, after which the project will revert 100% to Clancy’s ownership.
The Fairholme project is located 12km north of the Cowal gold mine in central NSW in the Fairholme Igneous Complex and consists of two tenements – EL6552 and EL6915.
The geophysical characteristics of the Fairholme Igneous Complex are similar to the Cowal Complex to the south, which hosts the Cowal gold mine (Barrick) and the Marsden copper-gold prospect (Newcrest).
Clancy said it will seek a new partner for developing the project.
[…] Clancy Exploration to seek new partner for Fairholme following Kaizen withdrawal 5 days ago […]