Broken Hill Prospecting has announced a $2 million exploration joint venture that will target heavy mineral sand deposits in western NSW.
The company entered the JV with unlisted mining investment company Relentless Resources which will make staged payments to earn a 50 per cent participating interest.
Drilling work will commence in February at both the Copi North prospect and the Magic prospect.
Drill samples will be tested for titanium and zirconium content and resource evaluations are planned for both prospects.
In October 2014, BHM was granted five exploration licences for heavy metal sand (HMS) deposits in the Murray Basin south of Broken Hill and north of Wentworth in Western NSW.
The three exploration licences which are not included in the JV remain wholly owned by BHM.
The company’s managing director Dr Ian Pringle said the JV was an excellent agreement for both parties because the funding would fast track advanced evaluation of two very promising HMS prospects that are believed to have substantial grades of HMS.
“Broken Hill Minerals have already planned drilling programmes at Copi North and Magic and logistics are well advanced for these. Both areas are located in arid sandy country, sparsely grazed by sheep and goats and readily accessed by farm tracks and public roads,” Pringle said.