Twenty Seven Co. Limited (TSC) has inked an agreement Rio Tinto Exploration Pty Limited (“RTX”), a wholly owned subsidiary of the global mining group Rio Tinto, to explore the northern Rover Project in the central Yilgarn region of Western Australia.
According to the ASX Announcement, RTX will get an exclusive right to explore North Rover for non-gold minerals for 6 months, with the possibility to extend the option period for another 6 months.
During the first 6 months, RTX will pay TSC A$25,000 up front and then a further A$25,000 upon any extension of the option period.
During the option period, RTX may decide to earn an 80% Joint Venture interest in the non-gold mineral rights on E57/1134 by sole funding A$5M of non-gold exploration.
“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,” said RTX CEO Simon Phillips.
“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. We look forward to providing updates on exploration progress in due course.”
The Rover Project is fully owned by TSC. It is located near Sandstone and consists of three exploration licenses which make up a large 460km² tenure package covering two linear Archean greenstones, with a combined length of around 160km.
