OZ Minerals (ASX: OZL) signed a term sheet with Havilah Resources related to an option to acquire the Kalkaroo project subsequent to an prolonged study period and a strategic alliance over the Curnamona Province in SA focused on new exploration prospects.
As per the Strategic Alliance, OZL will pay Havilah AU$1 million per month during the Option and Alliance Period, with 50% of the payments focused towards Havilah identifying plus progressing neighbouring exploration prospects within the Curnamona Province. Further, OZL will employ up to AU$76 million during the Option and Alliance Period to commence studies as well as for exploration activities at the Kalkaroo project and on alliance activities.
Kalkaroo is at pre-feasibility study phase and is possibly amongst Australia’s largest undeveloped open pit copper-gold deposits.
At AEST 11:15 AM, OZL shares are trading at AU$21.640, up 0.838% from the previous close.
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