SIGNIFICANT FARM-IN AND JV AGREEMENT WITH OZ MINERALS - BENMARA PROJECT
• Resolution Minerals Ltd and OZ Minerals Limited (ASX: OZL) enter into a Farm-in and JV agreement on the Benmara Project in the Northern Territory, Australia
• OZL can earn a 51% interest by spending $4m 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 ($1m/year minimum spend OZL has a further 5 years to complete)
• Resolution remains Operator during the Earn-in period with technical input from OZL
"We are very pleased to announce this new exploration funding agreement with copper focussed producer OZ Minerals for the Benmara Project in the underexplored South Nicholson Basin, Northern Territory.
The new farm-in and JV agreement with OZ Minerals, is validation of Resolution’s exploration strategy, which identified the potential for large-scale base metal deposits analogous to the world- class McArthur River Mine in this under-explored region during the 2021 field season.
In particular the results of our 2021 RC drilling program and air-borne VTEM geophysics survey, identified large scale untested conductors and thick packages of up to 200m thick reductive shale units. These results proved the Benmara Project has a geological setting equivalent to other regional deposits such as the McArthur River Mine, Walford Creek and the Century Mine.
This development should excite Resolution’s shareholders. The agreement makes it possible for Resolution to advance three major projects simultaneously; two having external funding from copper producer OZ Minerals at both Wollogorang & Benmara Projects. This minimises dilution for Resolution shareholders and creates three major opportunities for shareholder upside.
While all eyes will be on drilling activities in June on our flagship 64North Gold Project in Alaska, do not underestimate the value creation being undertaken in Australia with significant drilling activities planned closer to home on our Northern Territory Projects in 2022."
- CEO, Christine Lawley