IGO Limited (ASX:IGO) has committed a further $26 million in exploration expenditure as part of its Paterson Project farm-in agreement with Antipa Minerals (ASX:AZY).
The news, which follows the completion of an initial commitment of $4 million a year ahead of schedule, will see IGO Newsearch Pty Ltd, a wholly-owned subsidiary of IGO Limited, assume management of the project in March 2022.
The next stage of the farm-in will require investment of the total amount by January 2027 for IGO to earn a 70% joint venture stake. It should be noted that no interest in the project has yet been earned.
The next stage of the farm-in will require investment of the total amount by January 2027 for IGO to earn a 70% joint venture stake
The farm-in will also see IGO free-carry Antipa through until the completion of a feasibility study on any proposed mining operation within the project area.
Antipa had provided an earlier project update on 20 December, with regional-scale stratigraphic and geochemical air core drilling comprised of 168 holes for 11,346m completed over 350km². The campaign was coupled with 2,589 soil geochemical samples over 650km², with results pending for both.
Exploration as part of the earn-in has been focused on greenfield discoveries at Nifty, Winu, Telfer and Havieron analogue targets.
Results are set to be analysed during Q1 2022 in conjunction with additional data sets to define a tectono‐stratigraphic framework, and prioritise new greenfield targets for drill testing during 2022.