Core Exploration (ASX:CXO) has requested a trading halt of its shares on the ASX ahead of an announcement by Wednesday, December 16 regarding a material joint venture transaction.
During the September quarter, Core entered into a non-binding Memorandum of Understanding with an offshore organisation under which the parties agree to negotiate the final terms of a Joint Venture to advance Core’s Inkheart and Blueys project in the Northern Territory.
Very high grades of graded up to 4,065 g/t silver, 8% copper and 25% lead have been identified in surface rock-chip sampling at Inkheart/Blueys.
The MOU summarises key terms by which the incoming party can earn up to an 80% interest in one a Core Exploration area by sole funding exploration expenditure within 2 years.
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