Mining company, the Independence Group (ASX:IGO) has inked a farm-in and exploration joint venture with Prodigy Gold (ASX:PRX) for a Lake Mackay project near Alice Springs.
The Independence Group (ASX:IGO) has completed its initial $6 million earn in expenditure. It takes an interest of 70 per cent in the project compared to Prodigy Gold’s (ASX:PRX) 30 per cent interest.
There is an inaugural joint venture budget of $4.6 million for the remainder of the 2019 financial year.
This is the largest RC drilling commitment on the project to date.
Shares in Independence Group (ASX:IGO) trading 1.6 per cent lower at $4.13.