Rio Tinto Exploration (RTX), a wholly-owned subsidiary of Rio Tinto, has elected to exercise its option to farm-in to Twenty Seven (TSC)’s Northern Rover project exploration licence in the central Yilgarn region of Western Australia.
TSC entered a binding term sheet with Rio in March 2022, with RTX paying an initial $25,000 up front for an exclusive initial six-month option to explore North Rover for non-gold minerals.
During the period, RTX identified a sub-cropping weathered pegmatite unit that may be prospective for lithium and tantalum mineralisation, with an area prioritised for follow-up drill testing.
RTX plans to conduct an initial drill program of 500-1000m to investigate the interpreted pegmatite unit in early 2023, subject to land access consents and clearances.
TSC chairman Mark Caruso said the company was encouraged that RTX had opted to exercise its option to farm-in and advance North Rover.
“The positive early results of first stage exploration has indicators that warrant the drill testing to assess the sub outcropping pegmatite target in the northern area of the tenement for potential lithium mineralisation,” he said.
“Securing the support of a global miner such as Rio Tinto demonstrates the underlying potential of North Rover, and we look forward to working closely with the Rio exploration team during the farm-in.”
