Shareholder Update
New Farm-in Agreement to Explore Intercept Hill
- Red Tiger Resources Limited and BHP Billiton Olympic Dam Corporation Pty Ltd to re-calibrate existing exploration results and data with the intention to drill new copper/gold targets
- Prior drilling at Intercept Hill shows similar basement rocks to IOCG style mineralisation
- Historic data and analysis shows further prospectivity yet to be tested
Red Tiger Resources Limited (RTR) has entered into a Farm-in to Joint Venture (JV) Agreement with BHP Billiton Olympic Dam Corporation Pty Ltd (BHP). BHP as the operator will undertake further exploration of the Intercept Hill project.
The Intercept Hill project is targeting Iron Oxide Copper Gold (IOCG) style mineralisation akin to BHP’s Olympic Dam and most recently at OZ Minerals’ Carrapateena copper project and existing mines in Prominent Hill.
RTR CEO John Barbante commented: “With both existing and new mines and mineral prospects across the wider IOCG province, underpinned by recent independent assessments pointing to regional high prospectivity at Intercept Hill, we are very pleased to continue on our journey with the Intercept Hill project”.
This initial exploration program is about re-calibrating data and results using the extensive analytic resources available within the BHP’s Copper Exploration team, leading at defineing IOCG style targets.
The parties bring together extensive experience in exploring the Gawler Craton for IOCG style mineralised systems. The region contains 68 percent of Australia’s and 14 percent of the world’s known copper resources.
The Farm-in to JV agreement comprises two stages across 5 years:
- Stage 1: BHP will have the option to sale fund a minimun of AUD$4.5 million on exploration expenditures over the first 3 years to earn a 65% interest in the tenement, at which point a Joint Venture is formed.
- Stage 2: BHP will have the option to fund a further AUD$2.5 million on exploration expenditures in the last 2 years to earn a further 10% interest in the Joint Venture, bringing BHP’s interest to 75%, with RTR interest at 25%.
Red Tiger Resources Limited’s Directors look forward to providing you further updates on the progress of the Farm-in to JV with BHP – towards our vision of exploring mineral resources to create value and reward our stakeholders.
For further information, please contact:
Dr. John Barbante
M: 0439 826 104