The Symons Hill project is highly prospective for nickel and copper and is located within the Fraser Range Tectonic zone, 6km SSW of IGO's Nova Nickel Operation (Nova). Symons Hill is approximately 70km2 in area, with the Nova haul road running directly through the project. Matsa has conducted a significant amount of exploration work at Symons Hill and identified anomalous nickel mineralisation during that time.
Terms of the IGO Joint Venture
Matsa and IGO have executed an Option, Purchase and Joint Venture Agreement whereby IGO will take responsibility for all future exploration at Symons Hill with the ability to earn up to a 70% interest over the next 3 years. The key highlights of the agreement are as follows
First Payment - IGO to pay Matsa
Second Payment - Upon IGO electing to continue exploration after 24 months, IGO to pay Matsa
Upon completion of the 36-month period IGO can acquire a 70% interest in the Symons Hill project by paying Matsa
Upon IGO acquiring a 70% interest a Joint Venture will be formed between IGO and Matsa with Matsa retaining a 30% interest and being free carried until completion of a Feasibility Study or a decision to develop a deposit within the Symons Hill project, whichever occurs first.
Matsa has the ability to retain its 30% interest after completion of a Feasibility Study or a decision to develop a deposit within the Symons Hill project by making contribution to the Joint Venture or it can dilute to a 0.75% NSR royalty interest.
Matsa's Executive Chairman,
IGO will remit the First Option payment of
Contact:
Tel: +61 8 9230 3555
Fax: +61 8 9227 0370
Email: reception@matsa.com.au
Web: www.matsa.com.au
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