Minerals exploration company ActivEX has sold two of its North West Queensland tenements to mining giant Rio Tinto.
Rio will pay $50,000 for the tenements and if the tenements are successful, ActivEX will receive a 1.25 per cent net smelter royalty
Advertisement
The tenements are 50 kilometres south of Cloncurry and ActiveEX said the funds will be used for working capital purposes.
ActivEX's Cloncurry Copper and Gold Project is a substantial holding spread throughout the highly prospective Eastern Succession, including tenements fully owned by ActivEX and one JV tenement.
ActivEX has also formed a strategic alliance with Ausmex Mining Group to identify and acquire gold ore processing facilities in Cloncurry.
Rio Tinto have recently been under fire for detonating explosives in a part of the Juukan Gorge in WA last month destroying two ancient rock shelters, which has devastated the Puutu Kunti Kurrama and Pinikura people.
While you are here subscribe to our weekly email to your inbox every Tuesday and Friday
Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
