The Paterson Exploration Project is located in the north-eastern Pilbara region of Western Australia. The ~2,400km2 land package is contiguous with much of the Nifty Copper Mine and Maroochydore Copper Project tenement boundaries.
In mid-2020, Metals X announced an exploration joint venture with IGO on ~2,400km2 of its Paterson tenure. This ground is collectively referred to as the Paterson Exploration Project. Under the agreement:
- IGO is to sole fund A$32 million of exploration activities over 6.5 years to earn a 70% interest in the Paterson Exploration Project, including a minimum expenditure before withdrawal of A$11 million over 3.5 years.
- Upon earning a 70% interest, the Joint Venture will form and IGO will free-carry Paterson Copper to the completion of a Pre-feasibility Study (PFS) on a new mineral discovery.
Cyprium acquired 100% of the Paterson Copper Project in March 2021, as part of a larger transaction with Metals X (CYM ASX Announcement – Transformational Acquisition of Highly Attractive Copper Portfolio, 10 February 2021).
As such, Cyprium currently owns 100% of the Paterson Copper Project and is diluting to 30% under the terms noted above.
Under the terms of the exploration joint venture, IGO is managing exploration activities on the Paterson Exploration Project.
IGO has significant exploration experience in the Paterson Province and has developed innovative targeting techniques, using large scale magneto-telluric (MT) geophysical and proprietary geochemical survey techniques, which will be applied to the highly prospective and underexplored Paterson Exploration Project tenements.