- Renegade Exploration (RNX) enters a joint venture transaction with Burke Copper to earn up to 75 per cent of the North Isa Project in Queensland
- The agreement can be executed once a payment of $20,000 has been paid to Burke
- Renegade must spend $100,000 on the project within the first twelve months following the signing of the deal and will issue Burke ten million shares in the company
- Renegade has already begun planning work programs for the new tenements which will include soil sampling, field mapping and investigating targets generated by Burke Copper
- Renegade Exploration ends the day in the grey with shares trading at 0.7 cents
Renegade Exploration (RNX) has entered a joint venture transaction with Burke Copper.
Through the agreement, Renegade can earn up to 75 per cent of Burke’s North Isa Project in Queensland.
The agreement can be executed once a payment of $20,000 has been paid to Burke. Renegade must also spend $100,000 within the first twelve months following the signing of the deal.
Additionally, Renegade has agreed to issue Burke Copper ten million shares in the capital of the company, as well as 25 million performance rights, subject to performance milestones.
After 36 months, Renegade will spend $400,000 to earn the full 75 per cent interest.
Renegade said previous exploration of the North Isa Project area was sporadic and disjointed, with the faulted contact only recently coming under the control of one party, Burke Copper.
The company said the joint venture deal will provide a consistent and rigorous exploration program to assess and test the faulted structures of interest.
Renegade has already begun planning work programs for the new tenements which will include soil sampling, field mapping, reinterpretation of historical data and investigation of targets generated by Burke Copper.
Renegade Exploration has ended the day in the grey with shares trading at 0.7 cents.