Buxton Resources (ASX:BUX) has formed a joint venture with IGO (ASX:IGO), which has now acquired a 51% interest in the Copper Wolf Project in Arizona, US.
The Copper Wolf Project is considered to have a ‘large’ porphyry copper-molybdenum system and lies within a prolific copper belt that has not seen any drilling since the early 1990s.
As part of the joint venture, IGO will be managing the project and both parties have formed an operating committee. IGO will propose a program and budget for consideration and seek approval by the operating committee.
Buxton, which has a market capitalisation of $13.07 million, says IGO must notify the company within six months if it plans to earn a further 19% interest.
To increase its stake, IGO must sole fund $5 million in exploration expenditure.
On 3 October 2024, IGO notified Buxton it had met the stage-one earn-in requirements of the Copper Wolf agreement, which was first announced in August 2022.
The requirements included IGO sole funding $350,000 of expenditure within two years at the project.
IGO is an explorer and miner focused on discovering, developing, and operating assets that focus on metals to enable clean energy in Australia.
Buxton Resources is a diversified mineral explorer focused on the discovery and development of metalliferous ore deposits including nickel, copper, gold, iron, and graphite.
Write to Aaliyah Rogan at Mining.com.au
Images: Buxton Resources
