PERTH: Gold and base metals explorer Carawine Resources Limited has entered into a Farm-In and Joint Venture Agreement with FMG Resources Pty Ltd to explore Carawine’s “Lamil Hills”, “Trotman South” and “Sunday” tenements.
Agreement provides Fortescue with a significant and highly prospective tenement holding within the Paterson Province. Agreement ensures Carawine is well positioned to share in the benefits of any discovery.
FMG Resources Pty Ltd is a wholly owned subsidiary of Fortescue Metals Group Ltd. The Tenements are part of Carawine’s Paterson Project in Western Australia.
Lamil Hills is within 30km to the northwest of Newcrest Mining’s Telfer gold-copper mine. Trotman South is 30km to the south of the Telfer mine. Sunday is within 5km of Metals X’s Maroochydore copper-cobalt deposit.
The tenements are at an early exploration stage, with Carawine’s work to date comprising target generation activities based mostly on work by previous explorers.
Carawine Managing Director David Boyd said the agreement with Fortescue represents another great opportunity for the Company to realise the significant potential of its Paterson Project tenements.
“With the addition of Fortescue as a partner in the Paterson we now have two major resource companies funding exploration on our Paterson tenements. This Agreement gives Fortescue access to under-explored tenements over highly prospective ground,” Mr Boyd said.
“This deal also ensures Carawine is well positioned to share in the benefit of any discoveries, with Fortescue well placed to support a potential development should the exploration activities be successful. We look forward to sharing the details of the exploration programs as they progress.”
“The Agreement with Fortescue represents a further endorsement of Carawine’s exploration targeting strategy, which has already led to the formation of active joint ventures with Rio Tinto Exploration in the Paterson province and with Independence Group NL in the Fraser Range region of WA.”