As announced to the market on
Key details of the Earn-in Agreements can be found below
Under the Earn-in Agreements, MIM will have the right to earn-in up to a 65% interest of Austral's JV EPMs by spending
Program of work for the Russell Fault Tenement
Indicative program of works across the Russell Fault EPM 26435 as part of the Glencore JV includes:
- Establish scheduled and recurring meetings between AR1 and MIM technical exploration staff.
- Source all relevant Russell Fault exploration data from MIM and evaluate:
o The extent, vintage and quality of data relevant to copper oxides;
o Regional and local structures with the emphasis on structural elements known to be highly prospective;
o Stratigraphic units present within EPM 26435 with the emphasis on the structural juxtaposition of stratigraphy;
o Surface geochemistry and drilling results to identify areas of known copper anomalism;
o Review of known and historic prospects, and extent of exploration; and
o Complete integrated lithological & structural interpretation including 2021 geophysical surveys to identify prospective zones.
- Field visits to prioritised prospective areas including mapping and geochemical sampling if warranted.
- Review and integrate copper oxide targets at Russell Fault EPM 26435 into a prioritised sequence, ranked against current Austral exploration targets, for further testing and evaluation.
- Design and execution of a lean and focused exploration program commensurate with prospectivity.
Austral's Managing Director and Chief Executive Officer,
"This is an exciting JV with Glencore's
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About
Austral owns a significant copper inventory with a JORC compliant Mineral Resource Estimate of 60Mt at 0.7% Cu and 1,940km2 of highly prospective exploration tenure in the heart of the Mt Isa district, a world class copper and base metals province. The Company is implementing an intensive exploration and development programme designed to extend the life of mine and increase then review options to commercialise its copper resources.
Contact:
Investor and Media Relations Manager
T: +61-405-555-618
E: jm@janemorganmanagement.com.au
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