OZ Minerals (ASX:OZL) and Red Metal have formed a joint venture agreement aimed at fast tracking the search for Greenfields discoveries at projects in Queensland and Western Australia.
The alliance provides OZ Minerals with a two-year option to fund a series of mutually agreed, proof of concept work programs on six of Red Metal’s early stage projects.
In Western Australia, the companies will explore for copper-gold and copper-cobalt prospects at the Yarrie project, and for copper-gold and copper-nickel prospects at the Nullabor project.
The JV will pursue four opportunities in Queensland, including copper-gold at the Gulf project, zinc-lead-silver at the Three Ways project, zinc-lead-silver at the Lawn Hill project, and zinc-lead-silver at the Mount Skipper project.
OZ Minerals (ASX:OZL) has committed to funding just over $8 million in exploration and $1.8 million in initial cash payments over the first two years.
Shares in OZ Minerals (ASX:OZL) are trading 1.36 per cent higher at $9.72.