IGO (ASX:IGO) intends to withdraw its interest in the Fraser Range joint venture with partner Carawine Resources (ASX:CWX), relinquishing its 76% interest in the one remaining tenement.
Currently holding 24% interest in the Big Bullocks exploration licence in Western Australia, Carawine will have the opportunity to purchase IGO’s stake for $1.
To terminate the joint venture agreement, both companies have decided the two main prospects of big Bullocks do not warrant follow up exploration
Carawine will further review previous work to decipher whether it is in the company’s best interest to conduct future explorations with IGO’s interest or to surrender the tenement wholly.
Meanwhile, the Federal Court of Australia held a final hearing between 6-8 May to discuss the approval of privately held QGold’s compulsory acquisition of shares in Carawine.
The company expects a decision within three months from the hearing date, which will be announced to the market once made available.
Carawine is a gold, copper, and base metals explorer with projects spanning Australia.
Write to Maddison Elliott at Mining.com.au
Images: Carawine Resources
