Fortescue Metals Group’s commitment to a Paterson Province copper-gold joint venture with Carawine Resources in Western Australia has been strengthened.
Fortescue plans to complete a $50,000 drilling campaign in the Eider tenement, located 35 kilometres south of Newcrest Mining’s Telfer gold mine.
This is aimed to boost the chances of a discovery within the JV tenements.
Fortescue and Carawine have received further exploration licences to in the area, with Fortescue to begin electromagnetic surveys and 1000 metres of drilling before the end of the year.
As part of the JV agreement, Fortescue has the right to earn a 51 per cent interest in the Coolbro tenements should it spend an additional $100,000 on exploration within three years.
Carawine managing director David Boyd said the company was well positioned to share the benefits of any discoveries in the region.
“Although at an early exploration stage, Eider has an excellent address and is considered highly prospective,” Boyd said.
“Fortescue has agreed to complete an airborne geophysical survey and drilling program before they can earn an interest in the tenements, therefore providing a commitment to exploring the tenement along with our other Coolbro joint venture agreement tenements.
“The first stage of Fortescue’s exploration program is expected to commence soon, with Fortescue indicating its intention to include the tenement in upcoming Heli-electromagnetic surveys planned over the Coolbro joint venture agreement tenements, expected to commence during the third and fourth quarter of 2020.”
The Paterson Province is home to many recent copper-gold discoveries, including Rio Tinto’s Winu and Greatland Gold and Newcrest’s Havieron copper-gold deposits.
It also houses Metals X’s Nifty copper mine and Maroochydore copper-cobalt deposits.