The following announcement was issued to Red Tiger Resources Limited shareholders on 6 November 2018.
Today, OZ Minerals, an ASX200 listed company, issued a release to the Australian Stock Exchange describing a new Heads of Agreement between OZ Minerals and Red Tiger Resources Limited (RTR), to target wider Carrapateena province prospects within RTR’s Intercept Hill tenement.
OZ Minerals’ Heads of Agreement with RTR, commits to an exploratory drilling program at Intercept Hill, located 30 kilometres north-west of OZ Minerals’ Carrapateena project. Intercept Hill project is targeting Iron Oxide Copper Gold (IOCG) mineralisation similar to that seen at OZ Minerals’ Carrapateena copper project and existing mines in Prominent Hill and BHP Billiton’s Olympic Dam.
RTR will initially drill four holes testing four separate targets as part of ‘Stage 1’ with the initial funding of circa $1.2 million provided by OZ Minerals. OZ Minerals can elect to spend a further $2.8 million on exploration to earn a 51 per cent interest in the tenement as part of ‘Stage 2’. Upon completion of OZ Minerals’ Stage 2 commitment, a Joint Venture will be formed.
Please refer to the OZ Minerals media release for details. ASX-Announcement_Heads-of-Agreement_OZ-Minerals-Red-Tiger-Resources-Limited.pdf
PACE 2016 funds for explorers
The Hon Tom Koutsantonis MP, Minister for Mineral Resources and Energy, Government of South Australia, on Saturday 13 August 2016 issued a news release announcing $3.5m for PACE 2016 exploration drilling grants.
"Around $3.5 million in grants have been awarded to 26 mineral exploration projects, predominantly in frontier areas in South Australia’s north, across a wide range of commodities.
The Plan for Accelerating Exploration (PACE) Discovery Drilling program provides direct funding for exploration projects within South Australia with results and data available to all explorers after the close of the program in mid-2017.
Through the program explorers can now access grants of up to $250,000 – up from $100,000 offered in previous rounds. It’s estimated that the grants will trigger a further $5.8 million on exploration expenditure across the State......
I congratulate these 26 very deserving grant recipients and look forward to seeing what is uncovered through their prospecting.
This is a sector that has enormous potential to contribute more to our economy and by partnering with these explorers we can unlock future investment, discoveries and jobs for this State."
White Tiger Resources Ltd subsidiary, Red Tiger Resources Ltd, as holder of Exploration Licence EL5372 known as the Intercept Hill project, is the beneficiary of grant from PACE 2016. Previously, White Tiger Resources Intercept Hill Project was successful in winning and applying PACE 2015 funding.
PACE funds for explorers
Grants totalling $2 million will go to 27 resource exploration projects around the state in the Plan for Accelerating Exploration Discovery Drilling 2015 program.