Gold and base metals explorer Sipa Resources has inked a A$12-million farm-in agreement with the exploration arm of major Rio Tinto over its Paterson North copper/gold project, in Western Australia.
Under the terms of the farm-in and joint venture (JV) agreement, Rio will commit a minimum exploration spend of A$3-million within a two-and-a-half year period. By spending a further A$3-million, the major would secure a 55% interest in the project.