- Metals explorer Investigator Resources (IVR) has announced OZ Minerals (OZL) will terminate its earn-in agreement at Maslins Project
- This announcement follows the disappointing drill results at Maslins, which was reported in March
- Oz Minerals have completed stage one commitments, under the terms of the agreement, but has not earned any interest in the project
- Managing Director Andrew Mcllwain said it was a great opportunity to work with Oz Minerals
- Investigator is up 24 per cent on market close and is trading for 3.1 cents per share, while Oz Minerals is up 2.37 per cent, trading for $12.98 per share
Metals explorer Investigator Resources (IVR) has advised that OZ Minerals (OZL) has withdrawn from its earn-in agreement at Maslins Project.
In July 2019, the company entered into a heads of agreement with OZ Minerals, in which OZ could earn up to 70 per cent in the Maslins Project, through a three-stage program by spending $10 million over five years.
ASX 200-lister Oz Minerals completed stage one commitments but has not yet earned an interest in the project.
Investigator was reportedly expecting this due to the less-than-impressive drill results at Maslins. In March, the company reported disappointing results at the South Australian project.
The two-hole drilling program was dropped as it found no significant mineralisation and therefore will not be exploring further.
Managing Director Andrew Mcllwain said it was a great opportunity to work with Oz Minerals.
“We welcomed the opportunity to work with OZ Minerals to drill test the Maslins anomaly and it is a credit to the personnel of our partner OZ Minerals, Titeline Drilling and Investigator that the programme was completed without incident,” he said.
“Review of other anomalies with IOGC potential and opportunities across our Stuart Shelf tenements for sediment-hosted copper targets is underway,” he added.
Investigator is up 24 per cent on market close and is trading for 3.1 cents per share, while Oz Minerals is up 2.37 per cent, trading for $12.98 per share.