Oz Minerals Completes Due Diligence at Wollogorang Project
Adelaide, Oct 25, 2021 AEST (ABN Newswire) - Resolution Minerals Ltd (
ASX:RML) (NC3:FRA) is pleased to announce the completion Due Diligence and the commencement of the 2-years Initial Period with a $1.6m minimum spend.
The agreement will allow RML and OZ Minerals Limited (ASX:OZL) to fast-track the search for copper discoveries on Resolution's Wollogorang Project (Project), located in the McArthur Basin in the Northern Territory.
OZ Minerals is a modern mining company that's focused on creating value for all its stakeholders. As one of Australia's largest copper producers, OZ Minerals owns and operates the Prominent Hill and Carrapateena mines in South Australia. Collaboratively OZ Minerals and Resolution have a strong commitment to safety.
Managing Director, Duncan Chessell comments
The partnership with OZ Minerals has secured long-term funding, technical exploration collaboration and mining expertise to explore the current identified targets with potential to discover the next large-scale copper mine in the Northern Territory. The 25% carried interest for Resolution to decision to mine is a significant value add for RML shareholders without dilution.
The JV agreement with OZ Minerals, is recognition of the copper prospectivity of the Wollogorang Project. In particular the results of our recent airborne VTEM geophysics survey that identified dozens of untested conductors and highlighted the sedimentary hosted copper potential of the Wollogorang Project.
This Agreement allows Resolution to advance three major projects simultaneously - the others being the 64North Gold Project in Alaska which surrounds Northern Star's (ASX:NST) 11Moz Pogo Gold Mine and the nearby Benmara Battery Metals Project in the Northern Territory. This puts the company in a very strong position as a junior explorer with exposure to multiple projects of indemand commodities in top 20 ranked mining jurisdictions.
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About Resolution Minerals Ltd
Resolution Minerals Ltd (ASX:RML) is a mining company engaged in the acquisition, exploration and development of precious and battery metals - such as gold, copper, cobalt, and vanadium.
The company is led by Managing Director Duncan Chessell and an experienced team with proven success in corporate finance, marketing, metallurgy and geoscience. This equips Resolution Minerals with the tools to meet the changing demands of the mining markets.
Resolution Minerals Ltd Listed on the ASX in 2017 with a focus on the exploration of the Wollogorang Copper Cobalt Project. It has since aquired the Snettisham Vanadium Project and more entered into a binding agreement witth Millrock Resources to earn up to 80% of the highly prospective 64North Gold Project.
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