Carawine Resources (ASX:CWX) reports Fortescue Metals Group (ASX:FMG) subsidiary FMG Resources has the right to earn up to a 75% interest in the Lamil Hills, Trotman South, Sunday, and Elder tenements (Coolbro JV) located in the Paterson Province of Western Australia.
The company says FMG/Fortescue will earn this additional 24% interest in the farm-in and joint venture (JV) agreement through spending $6.1 million in 2 stages over a 7-year period to the end of 2026.
Carawine announced on 23 December 2022 that Fortescue had satisfied the conditions required to earn a 51% beneficial interest in the Coolbro JV tenements, with a JV formed between the 2 companies with the initial interest being Fortescue with 51% and Carawine with 49%.
The company reports Fortescue has elected to earn an additional 24% interest in the tenements by sole-funding $4.5 million of exploration expenditure on top of the $1.6 million incurred to satisfy stage one of the earn-in on the Coolbro JV tenements by the end of 2026, during which Carawine will be free-carried as part of stage two earn-in.
Carawine Resources is an Australian exploration company with a portfolio of projects prospective for gold, copper, and base metals. These projects include the Tropicana North Gold Project, Fraser Range Nickel-Copper-Cobalt and Gold Project, Paterson Gold-Copper, and Copper-Cobalt Project, as well as the Oakover Manganese, Copper, Iron, and Gold Project in Western Australia.
The company also holds the Jamieson Gold-Copper and Zinc-Gold-Silver Project in Victoria.
Images: Carawine Resources Ltd & iStock
