TechGen Metals has entered into a binding farm-in term sheet with Rio Tinto Exploration – a wholly-owned subsidiary of Rio Tinto – for its Harbutt Range project in the south Paterson Province of Western Australia.
Under the agreement, Rio Tinto Exploration may earn an 80 per cent joint venture interest in the project by sole funding $3 million of exploration within five years, including a minimum of 3000 metres of drilling.
The Harbutt Range project contains several favourable geophysics and geochemical targets.
TechGen managing director Ashley Hood said the company was delighted to have such a quality exploration partner at the project.
“This farm-in and joint venture with Rio Tinto Exploration enables the company to additionally focus and spend our exploration funds on our other up-and-coming gold and copper drilling campaigns,” he said.
The Harbutt Range project is considered prospective for several mineralisation styles including intrusive related copper-gold and sediment hosted base metal (copper-lead-zinc-silver) mineralisation.