As part of a strategy to expand the Ida Holmes Project, Western Yilgarn (ASX:WYX) has executed a joint venture (JV) agreement with Peregrine Exploration.
Under the binding farm-in and JV, Western Yilgarn will earn a 90% interest in E57/1219 during a three-year period by paying $5,000 as a costs reimbursement and $60,000 of expenditure to Peregrine.
Once completed, both parties will form an unincorporated JV, with Western Yilgarn as the manager.
Concurrently, the company has submitted applications for two exploration licences, which completes the coverage of the Mt Holmes dyke across the Ida Holmes Project area.
Western Yilgarn says the JV agreement and the licence applications combined with the recent Bellpark JV will enable the company to test three new targets.
The targets represent possible layered intrusive bodies with the potential for copper-nickel-platinum group elements and vanadium-titanium-iron.
Chairman Peter Lewis says the JV, applications, and new Ida Holmes South prospect strengthens the company’s presence at the project and in the broader region.
“With a modern and systematic approach to exploration, the joint venture with Peregrine Exploration, and the new licences will in addition to our existing Ida Holmes Project area offer Western Yilgarn significant upside and an opportunity for a significant discovery.”
The recent E29/1279 licence application, dubbed Ida Holmes South, represents an “exciting” project area for Western Yilgarn. The project has seen limited exploration undertaken by BHP (ASX:BHP), and some historical diamond exploration.
Once granted, Western Yilgarn will focus on surface geochemistry work to build a comprehensive litho-geochemical framework.
The Ida Holmes Project comprises 18 tenements, covering 1,300km2, in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Western Yilgarn
