IGO Limited has signed on to progress a new copper project in the Paterson Province of Western Australia, bringing its foothold in the region to a size second only to Rio Tinto.
Through a joint venture (JV) with Encounter Resources, IGO is set to develop the Yeneena project just 60km south west of the Telfer gold-copper mine.
The Paterson Province has seen significant interest from major resources companies of late, demonstrating the region’s prospectivity and potential for large-scale copper and gold developments.
IGO is of the opinion the region has been largely overlooked and is likely a host for world-class copper deposits.
The miner first took an interest in Yeneena in 2018, when it originally joined forces with Encounter to test several new exploration methods that had not previously been applied in the region.
These methods proved successful, encouraging IGO to expand its hold in the province through other earn-in and joint ventures, with the company’s consolidated footprint comprising 6671km2 of tenure which is second only in the region to mining major Rio Tinto, which itself is developing the Winu project.
Two diamond drill holes and 39 aircore holes have now been completed by IGO at Yeneena in 2024, with results expected early in 2025.
“We are delighted to be working in joint venture with IGO to unlock the significant copper potential at Yeneena,” Encounter executive chair Will Robinson said.
“The Paterson Province is located in a Tier 1 mining jurisdiction and represents a globally significant opportunity for new copper discoveries under shallow cover using leading edge exploration techniques.
“We look forward to continuing to work closely with IGO to advance the copper potential at Yeneena in what is an exciting time for the Paterson Province.”
IGO has so far fronted $15 million for exploration at Yeneena, earning it a 70 per cent interest in the project.
Under the agreement between the companies, a pro-rata funding for exploration expenditure structure applies.
Should a party’s interest dilute to below 10 per cent it shall automatically convert to a net smelter royalty.
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