The Cloncurry Alliance, between ASX-listed Oz Minerals and Minotaur Exploration, has inked a joint venture (JV) heads of agreement with fellow-listed Sandfire Resources over a tenement package near Cloncurry, in Queensland.
The Sandfire tenements incorporates some 1 226 km2 of tenure immediately surrounding the existing Cloncurry Alliance JV assets, which include the Eloise and Jericho projects, supporting the hub concept being developed by the Alliance.The Alliance could then earn an additional 24% interest by spending a further A$4-million over the subsequent two years, gaining an ultimate 75% interest over a five-year period.