Renegade Exploration has acquired a Joint Venture Interest in North West Queensland.
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Renegade has taken over Sovereign Metals holds in the Carpentaria Joint Venture Agreement with Glencore's Mount Isa Mines.
The Carpentaria JVA was initially formed in 2001, with Sovereign acquiring its interest in the joint venture in 2007.
Since 2001, total expenditure on the Carpentaria JVA has been around $14.5m, with MIM contributing $11.6m and Sovereign contributing $2.9m over that time.
Sovereign elected to cease contributing to joint venture expenditure on the tenements, resulting in its joint venture interest reducing to the current interest of 23%.
In consideration for acquiring the Carpentaria JVA interest from Sovereign,Renegade will pay Sovereign $100,000 or issue 15 million Renegade shares to Sovereign, at the latter's discretion.
After 12 months, Renegade will pay a further $100,000 or,another 10 million shares and after two years Renegade will pay $150,000 or another 10 million share.
Sovereign has told Renegade that MIM has not exercised its right of first refusal to acquire the Carpentaria JVA interest.
Renegade has been working on this transaction for five months and is attracted to the Carpentaria JVA for its exposure to copper and gold in the Cloncurry region.
The Carpentaria JVA holds permits at Mt Marathon, Mt Avarice, St Andrews Extended, Fountain Range and Corella River.
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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.
