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- West Wits Mining’s (WWI) subsidiary has signed a joint venture and farm-in deal with Rio Tinto Exploration to explore the Mt Cecelia Project
- Northern Reserves will work with the exploration arm of mining giant Rio Tinto (RIO) to explore the copper and gold asset in WA’s East Pilbara region
- Rio Tinto will pay a $150,000 up-front under the deal, before it can earn a 51 per cent interest in Mt Cecelia by carrying out $4 million worth of exploration
- The explorer then has the option of earning a further 29 per cent stake in the project by spending $6 million on exploration and paying WWI an additional $250,000
- West Wits Mining is trading 9.68 per cent in the green at 3.4 cents each
West Wits Mining’s (WWI) subsidiary, Northern Reserves, has signed a joint venture and farm-in deal with Rio Tinto Exploration.
Northern Reserves will work with the exploration arm of mining giant Rio Tinto (RIO) to explore the Mt Cecelia copper and gold asset in WA’s East Pilbara region.
Under the deal, Rio will be required to pay a $150,000 up-front fee and complete 800 metres of diamond core or reverse circulation drilling by the end of 2022.
The exploration arm of RIO then has the right to earn a 51 per cent interest in Mt Cecelia by carrying out $4 million of exploration within four years.
Rio Tinto Exploration also has the option of earning a further 29 per cent stake in the project by spending $6 million on exploration and paying WWI an additional $250,000.
West Wits Managing Director Jac van Heerden has welcomed the deal between his subsidiary and Rio – which holds land close to Mt Cecelia.
“The strength of the electromagnetic survey results for the Mt Cecelia Project has been highlighted by Rio Tinto, a global Tier-1 mining company, committing significant expenditure to advance exploration and drilling in 2022,” Mr van Heerden said.
“Rio Tinto Exploration brings a wealth of technical expertise, resources and regional knowledge which, combined with synergies from their exploration of Mt Cecelia’s neighbouring tenements will enable the Mt Cecelia targets to be rapidly and systematically tested.”
West Wits Mining shares were trading 9.68 per cent in the green at 3.4 cents each at 10:57 am AEDT.
