IGO Limited (ASX:IGO) plans to withdraw from its Fraser Range joint venture with Carawine Resources (ASX:CWX). IGO intends to relinquish its 76% interest in the remaining tenement, effectively ending its involvement in the Big Bullocks exploration licence in Western Australia. Carawine Resources currently holds the remaining 24% interest.
Under the terms of the agreement, Carawine will have the opportunity to purchase IGO’s stake for $1. Both companies have determined that the two main prospects of Big Bullocks do not warrant further exploration, leading to the decision to terminate the joint venture agreement. Carawine will now review previous exploration work to decide whether to conduct future explorations with IGO’s interest or to surrender the tenement entirely.
Carawine Resources is a mineral explorer focused on gold, copper, and base metals projects across Australia. The company explores and develops prospective projects. In other news for Carawine, the Federal Court of Australia held a final hearing between 6–8 May regarding the approval of QGold’s compulsory acquisition of shares in Carawine.
The company anticipates a decision from the Federal Court within three months of the hearing date. Once the decision is made, Carawine Resources will make an announcement to the market.
