THE BOURSE WHISPERER: Rox Resources (ASX: RXL) has restructured its Bonya Joint Venture with Arafura Resources (ASX: ARU) in the Northern Territory.
Rox Resources explained the JV has been restructured to simplify the current arrangements between both parties.
Back in 2014, Rox earned a 51 per cent interest in certain minerals, (copper, lead, zinc, silver, gold, bismuth and PGE’s), collectively known as the ‘JV Minerals’ on the joint venture tenement.
Arafura held 49 per cent of these minerals plus 100 per cent of other minerals, including the highly prospective tungsten and molybdenum mineralisation known to outcrop -referred to as ‘Other Minerals’.
The restructure of the joint venture interests has resulted in Rox divesting 11 per cent of its interest in the JV Minerals to Arafura, with Arafura to transfer 40 per cent of its interest in the Other Minerals to Rox.
“Each party will then own an interest in all of the minerals, with the percentage interests of the parties in the joint venture being Rox 40 per cent and Arafura 60 per cent,” Rox Resources said in its ASX announcement.
“This simplifies the structure and operation of the joint venture.
“Rox will continue to be operator of the joint venture.”
In 2014 Rox discovered high-grade copper mineralisation at the Bonya Mine prospect, including:
11 metres at 4.4 per cent copper from 30m, and
38m at 4.4 per cent copper from 60m.
Recent exploration has outlined a gravity anomaly at the northern end of the Jervois line of mineralisation, which has been interpreted to suggest that the Jervois copper-silver-zinc-lead system may extend into the joint venture tenement.
Further exploration is planned this year to define suitable targets for drilling.