Global miner South32 (ASX:S32) has signed a joint venture agreement with Superior Resources (ASX:SPQ) for the Nicholson Project.
Superior Resources (ASX:SPQ) 100 per cent own the Nicholson Project in north-west Queensland.
Under Stage 1 of the “Hedleys Joint Venture”, South32 must fully fund an initial $2 million or 4,000 metres of drilling within the first 12 months of operations, with funding to commence immediately.
South32 may elect to proceed to Stage 2 by sole-funding a further $4 million on exploration within the following four years to earn a 70 per cent interest in the project.
Shares in South32 (ASX:S32) are trading 2.47 per cent lower at $3.35.
