Carawine reassesses Fraser Range as IGO exits JV
Exploration and development company Carawine Resources will reassess the potential of its Fraser Range nickel project in Western Australia after joint venture (JV) partner IGO confirmed it will withdraw from the partnership and relinquish the project’s last tenement.
IGO, which held a 76% interest in the Fraser Range JV, informed Carawine of its intention to exit exploration licence E39/1733, effectively terminating the JV. The decision follows several exploration campaigns targeting magmatic nickel-sulphide mineralisation, including aircore drilling and geophysical surveys at the Big Bullocks 1 and Centennial prospects.
Under the terms of the JV agreement, Carawine holds the right to acquire IGO’s 76% interest in the tenement for A$1.00, or consent to the tenement’s surrender. The company said it will “review the work conducted on E39/1733 and make its own assessment of the tenement’s prospectivity for nickel-sulphide and other mineralisation".
Separately, Carawine provided an update on QGold’s compulsory acquisition bid. QGold, already the company’s majority shareholder, has applied to the Federal Court of Australia for approval to compulsorily acquire the remaining shares it does not already own, under section 664F of the Corporations Act 2001.
Objections from shareholders representing more than 10% of the remaining equity triggered the legal proceedings, which were heard in early May. A decision from the court is still pending.
“The company notes that the court’s policy is to try to give a decision within three months of a hearing, and although this is not always possible, it is the court’s aim,” Carawine stated.
Carawine said it will update the market once it determines whether to retain or relinquish E39/1733 and as further developments emerge from the court case.
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