AusQuest and South32 are to extend the strategic alliance agreement (SSA) between the companies for a further two years.
Originally signed in 2017, the SAA established a framework for AusQuest to target new deposits and mineral provinces with major ore potential and generate prospective early-stage exploration opportunities offered exclusively to South32.
AusQuest said the two companies have developed a strong working relationship over the past seven years and will continue to work together to develop a pipeline of high-potential exploration opportunities in Australia.
“This is a great outcome for our shareholders with South32 continuing to back the AusQuest team for a further two years under the strategic alliance, which has functioned extremely well since its inception,” AusQuest managing director Graeme Drew said.
“The agreement is structured to enable AusQuest to keep identifying opportunities as well as rewarding the company for success along the way.”
The SAA is to remain focused on developing high-potential exploration opportunities in Australia targeting copper, lead, zinc and nickel, with other commodities such as lithium and rare earths potentially being included.
There are currently four Australian projects under the SAA with further drilling at each being planned over the next 12 to 18 months.
“The extension of the SAA is a strong endorsement of AusQuest’s credentials and technical skills and is a vindication of the quality and scale of the projects we have been able to consistently bring to the table over the past seven years,” Drew said.
“We continue to be excited about the future and look forward to continuing to work closely with South32.”
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