Independence Group has joined forces with Apollo Consolidated as a farm-in and joint venture partner for its early-stage Louisa project in Western Australia.
The company has been actively searching for a nickel-copper sulphide mineralisation in the Kimberley region and has made arrangements with Apollo.
Under the arrangement, Independence will spend a minimum of $350,000 on the project within the first 24 months.
Once this has been reached, Independence may elect to spend an additional $3 million within four years to earn a 75 per cent interest in the project.
Should there be a discovery made at Louisa under the farm-in, Apollo can still participate as a 25 per cent partner, which should bring significant value to shareholders.
“The entrance of Independence into the project is an endorsement of the potential for magmatic mineralisation styles in the area,” Apollo stated.
“(This) will allow this potential to be rapidly evaluated by an active and highly respected nickel-copper sulphide exploration team.”
Independence intends to use its in-house geophysical team and geophysical tools to the evaluation of the potential mafic and ultramafic disturbances identified on the tenements.
Remote sensing work at Louisa is scheduled to start in the December 2019 quarter, which will be followed by field programs during the 2020 dry season.
Now it has the support of a partner, Apollo will prioritise its own exploration efforts to discovering gold at the Lake Rebecca gold project near Kalgoorlie.