InterMet Resources and joint venture partner Lincoln Minerals Limited (LML), has completed a Heads of Agreement with Mineral Enterprises (MEA) on an exploration licence for Wanilla near Port Lincoln on southern Eyre Peninsula.
InterMet has a Joint Venture (JV) agreement with LML, whereby LML and any LML participating interest parties can together earn up to an 80% interest in the exploration license by spending $2 million on exploration by December 2012.
The JV includes all minerals except uranium.
The essence of LML’s agreement with MEA provides that MEA will contribute 50% of LML’s exploration expenditure during the exploration license to earn 50% of LML’s participating interest. LML will remain the manager of the project throughout the period of the agreement.
A detailed gravity survey over selected targets on Wanilla has already begun, targeting massive, direct shipping style hematite deposits similar to those at Wilgerup and in the Middleback Ranges both located on the Eyre Peninsula, South Australia.
Commenting on the joint venture, InterMet managing director Gary Ferris said InterMet was happy to have both Lincoln Minerals Limited and Mineral Enterprises Limited as joint venture partners.
“The commencement of the gravity survey shows the eagerness of the groups to fast track exploration on the exploration license.”