Intermin Resources has entered a joint venture agreement with AXF Resources to advance the Richmond vanadium–molybdenum project in Queensland.
Under the agreement, AXF will fund and manage $6 million of technical beneficiation and commercialisation studies over four years to earn a 75 per cent interest in the project.
Intermin has been conducting drilling and beneficiation tests at Richmond since 2008.
The project’s tenements cover oil shale deposits that host extensive vanadium and molybdenum resources.
Intermin managing director Jon Price said the joint venture provided the funds to commercialise the project and find solutions to extract the minerals more economically.
“Richmond is a multi-billion tonne project that requires significant funding and focus to take it forward, so we are delighted to be working with the AXF team to advance a technical and commercial outcome,” he said.