Exploration company Minotaur said they have executed three joint venture agreements with OZ Minerals Ltd.
Formal documentation for the JVs, cements several partnerships in the Cloncurry district as originally flagged in May.
A new joint venture for Eloise replaces the 2016 JV agreement which provided for OZ Minerals to acquire 70% interest in the tenements by spending $10 million which was achieved in March 2019.
Oz Minerals will now invest another $3 million over the next two years while Minotaur will contribute of additional tenure to the new JV having identified several strong electromagnetic anomalies with similar geophysical characteristics to the Jericho deposit.
Minotaur continues to be the manager and operator of the JV.
The parties have also formally negotiated the Jericho JV, 60km south-east of Cloncurry which was excised from the Eloise JV in April 2019.
Jericho JV interests are set at OZ Minerals 80% and Minotaur 20% with Minotaur to manage and operate the JV.
The third JV is called the Cloncurry Alliance and is a new exclusivity arrangement covering 24,000 sq km between Mount Isa and McKinlay.
OZ Minerals and Minotaur are identifying prospects and opportunities to contribute towards a Cloncurry minerals hub based on a possible mine development at Jericho or other copper deposits.
The Cloncurry Alliance equips Minotaur with $1 million in funding over 24 months to seek out suitable candidates and present options to OZ Minerals for acquisition funding to earn a 70% interest in any funded targets.
Acceptance of recommendations entitles Minotaur to reward-for-effort payments.
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