Today, OZ Minerals, an ASX200 listed company, issued a release to the Australian Stock Exchange describing a new Heads of Agreement between OZ Minerals and Red Tiger Resources Limited (RTR), to target wider Carrapateena province prospects within RTR’s Intercept Hill tenement.
OZ Minerals’ Heads of Agreement with RTR, commits to an exploratory drilling program at Intercept Hill, located 30 kilometres north-west of OZ Minerals’ Carrapateena project. Intercept Hill project is targeting Iron Oxide Copper Gold (IOCG) mineralisation similar to that seen at OZ Minerals’ Carrapateena copper project and existing mines in Prominent Hill and BHP Billiton’s Olympic Dam.
RTR will initially drill four holes testing four separate targets as part of ‘Stage 1’ with the initial funding of circa $1.2 million provided by OZ Minerals. OZ Minerals can elect to spend a further $2.8 million on exploration to earn a 51 per cent interest in the tenement as part of ‘Stage 2’. Upon completion of OZ Minerals’ Stage 2 commitment, a Joint Venture will be formed.
Please refer to the OZ Minerals media release for details.