IGO withdraws from WA copper JV
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The news: Critical minerals miner IGO has pulled out of a Western Australian copper mining joint venture with small-cap Encounter Resources after six years of exploration and drilling activity.
The context: Ownership of the Yeneena copper project in the Paterson Province, along the eastern side of Western Australia’s Pilbara region, will now be fully owned by Encounter Resources.
IGO entered a joint venture and farm-in - investing in exploration and drilling activity in exchange for a stake in the mine - for the Yeneena project in 2020 following the discovery of the BM1 copper oxide prospect.
By December 2024, IGO had earned its maximum 70% interest in the Yeneena Copper mine by investing about $15 million. Its work included diamond and aircore drilling in addition to regional-scale geological, geochemical, and geophysical surveys.
Encounter will now undertake further testing for depth extensions of the BM1 high-grade copper oxide discovery and follow-up drilling to test the source of large-scale copper-silver-palladium anomalism identified at the BM5 zone.
What they said: “The return of the Yeneena Copper Project comes at a time of strong demand for Tier 1 copper opportunities,” Encounter executive chair Will Robinson said.
"With renewed control, we’re evaluating the high-quality data generated under the farm-in, with plans to advance exploration at the high-grade BM1 copper zone and target defined at BM5.
“While Yeenena presents compelling copper upside, our West Arunta Niobium Project remains a core strategic priority, reflecting the strength and balance of Encounter’s project portfolio.”
The source: ASX
