Petratherm (ASX:PTR) has entered a joint venture with Narryer Metals (ASX:NYM) for further exploration work at the Muckanippie Project in the northern Gawler Craton region of South Australia.
The joint venture agreement follows the completion of stage two commitments under the farm-in, where Petratherm was required to invest $500,000 of expenditure to the project over a four-year period to earn up to 70% interest.
Stage one saw Petratherm contributing $200,000 to the Stuart tenement within Muckanippie over a two-year period for the first 51% stake, with 50% of these expenses relating directly to drilling.
An additional $300,000 in spending over the remaining two years brought the remaining 19% available under this agreement.
Narryer executive Chairman Richard Bevan says the company is pleased to work with Petratherm on such a “significant” heavy mineral sands project.
“It’s a sign that the project is ticking all the right boxes,” Bevan says.
“The joint venture represents an exciting opportunity to unlock the Muckanippie Project’s potential, and we look forward to working closely with Petratherm to advance exploration and development for the benefit of all stakeholders.”
Petratherm has elected Victor Araujo as the Head of Project Development for technical studies at the Rosewood Titanium Project, within Muckanippie’s claims.
CEO Peter Reid says Araujo will play a key role across Rosewood for his deep expertise within the mineral sands sector.
“In particular, he has a very strong history in the successful development of heavy mineral sands projects around the world,” Reid says.
“Based on our work to-date, we continue to be of the view that the Rosewood Project is emerging as a major, potentially world-class titanium discovery.”
Rosewood previously returned intersections including 26m @ 17.2% heavy minerals from 7m with 6m @ 36.4% heavy minerals from 27m.
Petratherm will commence drilling at the project in early September, along with infill and orientation study drilling at the Rosewood East prospect for a potential resource drill out.
Write to Maddison Elliott at Mining.com.au
Images: Petratherm
