IMX Resources’ (ASX: IXR) Mt Woods Copper-Gold joint venture partner OZ Minerals (ASX: OZL) has committed to start in the second half of 2013, a $2.6 million field program at the South Australian project.
This targets haematite-hosted iron oxide copper gold deposits and will involve 4,300 metres of diamond core drilling and delineation of targets using detailed ground based gravity and other geophysical surveys.
Most of this work is expected to be carried out in the first half of 2014.
“IMX is pleased to be able to confirm the on-going commitment of our joint venture partner OZ Minerals to this program of work and looks forward to the results that will be generated in this fourth year of the overall exploration program,” IMX managing director Neil Meadows said.
The JV’s exploration campaigns are primarily focussed on the Southern Domain of the Mt Woods Inlier, which hosts the western extension of the Prominent Hill Mine sequence of rocks.
Mt Woods Joint Venture
Under the Mt Woods Joint Venture, OZ Minerals is spending a minimum of $20 million to earn a 51% interest in the non-iron rights while IMX will retain a 49% interest in the non-iron rights and 100% of the iron ore rights.
OZ Minerals has already spent about $14 million as at 30 September 2012 and has carried out deep diamond drilling of copper-gold targets generated from airborne and geophysical surveys.
IMX is trading at above half cash backing with $15.3 million in cash as of 31 March 2013 compared to its current market capitalisation of $28.93 million.
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