 with JX Advanced Metals Corporation for an exclusivity period and study program on the Mutooroo project in South Australia.){kind=link}
Havilah and JXAM enter exclusivity period for Mutooroo
Havilah Resources (ASX: HAV) has entered a binding Memorandum of Understand (MoU) with JX Advanced Metals Corporation (JXAM) for an exclusivity period and study program on the Mutooroo project in South Australia.
During the exclusivity period, JXAM will fund a study program on Mutooroo that will inform its decision on whether to acquire an interest in the project as part of a potential transaction.
Exclusivity covers the entire 23km2 area of exploration licence 6592 and mining lease 5678.
Almost $3m will be spent on the study program, with around two-thirds to be used for resource expansion and resource upgrade drilling. The remaining will be split between metallurgical studies and mining, infrastructure, environmental and permitting studies.
Subject to the results of this study program, JXAM and Havilah will negotiate in good faith the terms of a legally binding agreement for a potential transaction.
Havilah technical director Dr Chris Giles says the company is delighted to be working with JXAM.
“JXAM has a deep knowledge of the entire metals cycle from exploration to mining and processing, to smelting and refining and production of specialised modern age metal products,” he said.
“We believe JXAM is ideal partner to help us unlock the value of copper, gold, cobalt and sulphur in the Mutooroo massive sulphide ore and Havilah looks forward to working with JXAM on the study program.”
The exclusivity may extend until September 30, 2025.