Carawine Resources Limited has issued an update on the status of its farm-in and joint venture agreement with Fortescue Metals Group Limited subsidiary FMG Resources Pty Limited.
According to Carawine, Fortescue will have the right to earn up to a 75% interest in the Lamil Hills, Trotman South, Sunday and Eider tenements, collectively known as the Coolbro joint venture (JV), in the Paterson Province of Western Australia (WA), by spending $6.1 million in two stages over a seven-year period to the end of 2026.
In a previous announcement, Carawine said Fortescue was able to satisfy the conditions required to earn a 51 per cent beneficial interest in the Coolbro JV tenements, allowing it to serve as the manager of the JV.
Fortescue has elected to earn an additional 24% interest in the tenements by funding a $4.5 million exploration expenditure on the Coolbro JV tenements by the end of 2026, during which Carawine will be free carried.
Carawine said it would retain full rights on its remaining Paterson Project tenements.
Located in northern WA, the Paterson Project hosts Proterozoic-aged rocks and is home to the Telfer Au-Cu, Nifty and Maroochydore stratabound Cu-Co deposits.
The project consists of ten granted exploration licences and five active exploration licence applications over an area of more than 1,400 square km.
