OZ has entered into a new earn-in with Woomera Exploration over ground in the remote Eastern Musgrave province in South Australia’s far north.
Under the joint venture, OZ will fund around 4000m of drilling on seven targets, after which it can elect to spend A$2.5 million to earn 51% within 18 months.
It can spend a further $5 million to earn 75%.
OZ will be targeting magmatic nickel and copper sulphides, similar to those at the West Musgrave JV with Cassini.
OZ head of exploration Richard Holmes said the application of the vector residual magnetic intensity (VRMI) geophysical technique, in addition to previous encouraging exploration drill results, had led to the identifi...