- Antipa Minerals’ (AZY) Paterson Project farm-in partner, IGO Newsearch, is set to commit $26 million in exploration funds over the next five years
- The decision follows the completion of an initial commitment of $4 million in exploration expenditure, which was required within the first 2.5 years of the farm-in agreement
- The next stage will require IGO to spend a further $26 million by January 2027 to earn a 70 per cent interest in the project
- Once the joint venture is formed, IGO will free-carry Antipa to the completion of a feasibility study
- Antipa Minerals was up 4 percent at 4.8 cents cents, while IGO traded up 7 per cent at $11.13 at 1100 AEDT
Antipa Minerals’ (AZY) Paterson Project farm-in partner, IGO Newsearch, is set to commit $26 million in exploration funds over the next five years.
IGO Newsearch will assume management of the farm-in agreement on the Paterson Project in the Pilbara region of WA, to earn a 70 per cent interest in the project.
IGO Newsearch, a wholly owned subsidiary of IGO (IGO), said the move follows the completion of an initial commitment of $4 million exploration expenditure. This was required to be completed within the first 2.5 years from the start date of the Paterson Project farm-in agreement.
The next stage on the agreement will require IGO to spend a further $26 million of exploration expenditure by January 2027 to earn a 70 per cent joint venture interest in the Paterson Project.
Once the joint venture is formed, IGO will free-carry Antipa to the completion of a feasibility study.
IGO’s management of operations of the Paterson Project will take effect in March 2022.
Antipa Minerals was up 4 percent at 4.8 cents cents, while IGO traded up 7 per cent at $11.13 at 1100 AEDT.