Twenty Seven Co Ltd (ASX:TSC) has partnered with Rio Tinto Exploration Pty Ltd (RTX), a subsidiary of the global mining group, to further exploration for non-gold minerals on TSC’s northern Rover Project exploration licence in Western Australia.
Under the agreement, RTX will pay Twenty Seven Co A$25,000 upfront for an exclusive 6-month option to explore North Rover.
The option period can be extended with a second identical payment for a further six months should circumstances beyond RTX’s control delay its activities.
RTX also has the option to earn an 80% joint venture (JV) interest in the non-gold mineral rights to the tenure by providing sole funding of A$5 million in exploration finance and meeting minimum exploration requirements.
Proven record and expertise
“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,” Twenty Seven Co CEO Simon Phillips said.
“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 greater Rover Project covers three exploration licences across 460 square kilometres of tenure, hosting two linear Archean greenstone belts in the central Yilgarn region of Western Australia.
RTX will specifically be exploring licence E57/1134 in the north of the project, while Twenty Seven Co continues to advance gold exploration and drill target definition across the rest of the tenement holdings.
About Twenty Seven Co
Twenty Seven Co is focused on creating value for shareholders from its three core projects - Mt Dimer, Yarbu and Rover - delivering exploration upside in a prime Western Australian gold mining jurisdiction.
The Mt Dimer Gold Project is around 100 kilometres northeast of Southern Cross and hosts a historical open-pit mine that had produced around 8,500 ounces of gold in the mid-1990s.
The Yarbu Gold Project is around 80 kilometres northwest of Mt Dimer and is also proximal to Ramelius Resources Limited (ASX:RMS)’s Marda Gold Project where mining operations are underway and a 280,000-ounce gold resource has been defined.