Carawine Resources is exploring whether to continue advancing the Big Bullocks exploration licence at its Fraser Range project after IGO bowed out of the joint venture.
IGO, which has a 76 per cent share in Big Bullocks and also manages the project, has advised Carawine (which owns a 24 per cent interest), of its intention to withdraw.
Carawine now faces a choice. Under the terms of the joint venture agreement, it has the right to take over the project as the sole investor, acquiring IGO’s share for the token sum of $1. The company can also withdraw, which would result in the termination of the exploration licence.
Several exploration programs have been conducted throughout the Big Bullocks tenement since the joint venture began in 2019. This includes ground geophysical moving-loop electromagnetic and gravity surveys, while work targeting nickel-sulphide deposits focused on two main prospect areas, Big Bullocks 1 and Centennial.
While the joint venture concluded in January this year that no further work was warranted at Big Bullocks, Carawine said it would now take a fresh, solo review of the existing data and analysis.
“The company will then determine if there are any targets that, in Carawine’s view, require further exploration,” the company said.
Other licences within the Fraser Range project include Red Bull, Bindii and Big Bang. Carawine completed a MLEM survey across these tenements in June.
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