Tasman Resources (ASX:TAS) and FMG Resources, a subsidiary of Fortescue Metals Group (ASX:FMG) have executed a conditional, formal Farm-in and Joint Venture Agreement over Tasman’s wholly owned Exploration Licence that hosts the Vulcan iron oxide-copper-gold-uranium prospect.
This prospect is 30 kilometres north of BHP's Olympic Dam mine in South Australia.
Tasman Resources currently holds three Exploration Licences on the Olympic Province of the Stuart Shelf.
This Province contains the Olympic Dam, Prominent Hill and Carapateena IOCGU deposits, and is considered highly prospective for further discoveries.
Shares in Fortescue Metals Group (ASX:FMG) closed -3.02 per cent lower at $8.35 yesterday.
Shares in Tasman Resources (ASX:TAS) closed 3.7 per cent higher at $0.028 yesterday.