THE BOURSE WHISPERER: Marindi Metals (ASX: MZN) has resumed sole control of the Yalco exploration project in the Northern Territory.
Marindi Metals said the resumption of control over the project followed it receiving notification from Teck Australia Pty Ltd of its intention of withdrawing from the Yalco Joint Venture.
Teck has spent over $3 million on the Yalco project since the JV was established in 2013, and Marindi now intends to conduct an independent review of all work completed by Teck to determine the optimum path forward.
“Marindi’s primary focus in the Northern Territory is on its highly prospective Caranbirini zinc project, adjacent to the world-class McArthur River zinc mine,” Marindi Metals said in its ASX announcement.
“As announced on 27 March 2018, major Japanese resources group, Japan Oil, Gas and Metals National Corporation (JOGMEC) has entered a farm-in agreement enabling it to earn up to a 70 per cent interest in the Caranbirini project by sole funding up to $4 million in exploration over three years.”