Errawarra Resources Ltd (ASX:ERW) Enters Gold Joint Venture
Joint Venture Details
Errawarra Resources Ltd (ASX:ERW) has entered into a joint venture with Falcon Metals Ltd (ASX:FAL) to explore gold within the Errabiddy project tenements, covering over 960 square kilometres. The primary focus will be on tenement E09/2457, which encompasses 504 square kilometres. A total of more than 400 square kilometres remains under Errawarra’s 100% ownership.
Exploration Commitment
The joint venture will involve a maximum exploration expenditure of up to $2 million, allowing Errawarra to concentrate on other ventures such as the Andover South Lithium Project in West Pilbara. The joint venture structure includes an initial payment of $80,000 and a minimum expenditure commitment of $200,000, with Falcon able to earn progressively up to 70% interest in the Errabiddy project.
Executive Comments
Executive Chairman Thomas Reddicliffe stated, “We are very excited to be partnering with the high calibre exploration team at Falcon Metals. Their wealth of exploration experience will greatly benefit our exploration program. Given the current positive sentiment in the gold sector, this partnership comes at an opportune time.”
Future Exploration
The Errabiddy project is regarded as prospective for nickel, copper, gold, rare earth elements, lithium, and graphite. Previous sampling efforts identified a significant gold anomaly within the project area. On the graphite front, Errawarra retains 100% ownership of prospective targets adjacent to the Buxton Resources Ltd (ASX:BUX) tenement, which has previously reported promising mineral resources.
This announcement has been authorised for release by Thomas Reddicliffe, Executive Chairman on behalf of the Board of Directors.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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