Cyprium Metals Ltd has secured full control of the Paterson Exploration Project in WA, assuming 100% ownership of the project following the decision by joint venture partner IGO Limited to withdraw from the agreement effective April 30.
Advanced targets picked out
“The Paterson Exploration Project footprint sits adjacent to our Nifty Copper Complex which through its two brownfield processing plants has the ability to process both oxide and sulphide ores, and increases our potential to generate additional meaningful resources from the advanced targets already identified,’ Cyprium executive chair Matt Fifield said.
“With strategic control of the ground and exploration process, Cyprium can extend the upside potential of our copper platform in the Paterson.
“First up is to absorb the information coming at us. IGO has spent five years and $24 million collecting excellent data and building geological models.
“Their investment and technical excellence have significantly de-risked these tenements, and we will re-integrate this data with our strong understanding of the Nifty Copper Complex and growing confidence in Maroochydore.
“From there, you should expect us to go through a strategic review to focus on the most accretive options for Cyprium shareholders.
“We are excited to take the baton and build on their work, unlocking the full potential of this exciting landholding.”
The Paterson Exploration Project comprises 34 tenements spanning some 1,938 square kilometres in the Paterson Province, a region renowned for hosting globally significant copper and gold deposits, including Nifty, Maroochydore, Telfer and Winu.
The package includes six mining leases, 17 exploration licences and 11 prospecting licences.
Since entering the joint venture in 2020, IGO has invested some A$24 million into exploration across the tenement package.
This includes over 36,000 metres of drilling – 256 aircore, 23 diamond and two reverse circulation drillholes – as well as extensive geophysical and geochemical surveys.
Key targets identified during IGO’s tenure include the Rainbow, NB02 and NB08 prospects 30 kilometres northwest of the Nifty Copper Complex, the Maroochydore-style MB01 prospect, and NL05 – a geophysical anomaly with similarities to Rio Tinto’s Winu discovery.
What’s next?
Cyprium will now undertake a comprehensive strategic review of the IGO-generated dataset, which includes drill core, surface sampling and historical geological modelling.
The company intends to integrate this data with its existing resource base at Nifty and Maroochydore, with the aim of identifying greenfield opportunities capable of extending the life of its processing infrastructure.
IGO will continue site rehabilitation activities, including the removal of its exploration camp, with completion expected by mid-2025.
Cyprium’s consolidation of the Paterson ground significantly enhances its copper exploration footprint and positions the company to unlock further value within one of Australia’s most prospective copper districts.