OZ Minerals Limited (ASX: OZL) has successfully completed due diligence
• OZL can earn a 51% interest by spending ~$4.9m over 5 years
• RML may retain 49% interest by electing to participate from year 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
• Detailed planning, technical collaboration, drill targeting and permitting is ongoing
• Heritage surveys and track building prior to an extensive drilling program is planned
for the 2022 dry season (May-November)
The partnership with OZ Minerals has secured long-term funding, technical exploration collaboration and mining expertise to explore the current identified targets with potential to discover the next large-scale copper mine in the Northern Territory. The 25% carried interest for Resolution to decision to mine is a significant value add for RML shareholders without dilution.
The JV agreement with OZ Minerals, is recognition of the copper prospectivity of the Wollogorang Project. In particular the results of our recent airborne VTEM geophysics survey that identified dozens of untested conductors and highlighted the sedimentary hosted copper potential of the Wollogorang Project.
This Agreement allows Resolution to advance three major projects simultaneously – the others being the 64North Gold Project in Alaska which surrounds Northern Star’s (ASX: NST) 11Moz Pogo Gold Mine and the nearby Benmara Battery Metals Project in the Northern Territory. This puts the company in a very strong position as a junior explorer with exposure to multiple projects of in- demand commodities in top 20 ranked mining jurisdictions.
- Managing Director Duncan Chessell
For the full material terms of the agreement – see Resolution’s ASX announcement 24 August 2021.
Resolution Minerals Ltd (RML, Resolution or Company) is pleased to announce the completion Due Diligence and the commencement of the 2-years Initial Period with a $1.6m minimum spend.
The agreement will allow RML and OZ Minerals Limited (ASX: OZL) to fast-track the search for copper discoveries on Resolution’s Wollogorang Project (Project), located in the McArthur Basin in the Northern Territory.
OZ Minerals is a modern mining company that’s focused on creating value for all its stakeholders. As one of Australia’s largest copper producers, OZ Minerals owns and operates the Prominent Hill and Carrapateena mines in South Australia. Collaboratively OZ Minerals and Resolution have a strong commitment to safety.