Carawine takes full control of Big Bullocks tenement as Fraser Range JV ends
ASX-listed Carawine Resources has elected to acquire IGO's 76% interest in the Big Bullocks exploration licence (E39/1733) in Western Australia’s Fraser Range for a nominal sum of A$1, under the terms of the Fraser Range Joint Venture (FRJV).
The FRJV was a joint venture (JV) between IGO (76% interest) and Carawine (24% interest) in E39/1733, part of Carawine’s Fraser Range nickel project in Western Australia. The JV has been terminated, with IGO’s 76% interest to be transferred to Carawine in due course
Several exploration campaigns were carried out under the JV, targeting magmatic nickel-sulphide mineralisation. Work included moving-loop electromagnetic and gravity surveys, as well as aircore drilling across two main prospects, Big Bullock 1 and Centennial. The JV had concluded that no further work was warranted.
Carawine, however, has completed its own review of historic and JV exploration data, identifying nickel-sulphide and gold targets that it considers prospective enough to warrant further assessment. The company said it would undertake additional analysis in the coming months to rank the tenement against its other projects.
Separately, Carawine noted that proceedings in the Federal Court relating to an application by major shareholder QGold to compulsorily acquire all remaining Carawine shares not already owned by it, are ongoing.
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