OZ MINERALS COMPLETES DUE DILIGENCE ON BENMARA PROJECT, NT
Resolution’s Northern Territory Projects; Farm-in agreements in place on Wollogorang and Benmara Projects
- OZ Exploration Pty Limited (a wholly owned subsidiary of OZ Minerals Limited ASX:OZL) has advised Resolution Minerals Ltd of the successful completion of due diligence on the Farm-in and JV agreement on the Benmara Battery Metals Project in the Northern Territory, Australia
- Key terms of the OZ Exploration Pty Limited Farm-in agreement are:
- OZL can earn a 51% interest by spending $4m over five (5) years
- RML may retain 49% interest by electing to participate from year six (6)
- If RML elects not to participate, OZL has the option to earn a 75% interest by sole-funding and delivering a Positive Final Investment Decision to Mine
- Resolution remains Operator during the Earn-in period with technical input from OZL
- Detailed planning, technical collaboration, drill targeting and permitting is underway, including preparation of an acceptable Mining Management Plan and activity authorisation in accordance with the Mining Management Act 2001 (NT) to satisfy the remaining farm-in agreement Condition Precedent
- Heritage surveys are currently scheduled for Q3 2022 before an extensive drilling program planned for the 2023 dry season (May-November)
"We are very pleased that OZ Minerals has completed its Due Diligence on the Benmara Project and that another Condition Precedent has been met. This is a key milestone for the agreement which is our second farm-in and JV agreement with OZ Minerals.
The Benmara Project, located in the South Nicholson Basin, Northern Territory, has a geological setting equivalent to other significant deposits in the region such as the McArthur River Mine, Walford Creek and the Century Mine. We look forward to accelerating exploration in this prospective and underexplored area.
RML’s battery metals projects are gathering real momentum, with the team also extremely hard at work preparing for drilling activities on our Wollogorang Copper Project, which is due to commence in October once approvals are received from a recently completed heritage survey."
- Resolution Minerals MD Steve Groves