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Read the full article on AustralianMining.com

Cyprium Metals will own 100 per cent of the Paterson exploration project in Western Australia after IGO elected to withdraw from the joint venture.

Cyprium and IGO entered a staged earn-in joint venture for the Paterson exploration project in 2020, with IGO becoming manager of the project.

Now, Cyprium will take over IGO’s tenements on April 30, with the company noting the advanced targets are complementary to its flagship Nifty Copper Complex and Maroochydore project, extending the company’s footprint across a Tier 1 copper province.

“The Paterson exploration project footprint sits adjacent to our Nifty Copper Complex which, through its two brownfield processing plants, has the ability to process both oxide and sulphide ores, and increases our potential to generate additional meaningful resources from the advanced targets already identified,” Cyprium chief executive chair Matt Fifield said.

“With strategic control of the ground and exploration process, Cyprium can extend the upside potential of our copper platform in the Paterson.”

The Paterson exploration project compromises 34 tenements that spans 1938km² across a 200km strike length on the western edge of the Paterson Orogen in northern WA.

Fifield said IGO’s previous work, which saw the company invest $24 million across multiple drill campaigns and regional targeting programs, was valuable.

“Their investment and technical excellence have significantly de-risked these tenements, and we will re-integrate this data with our strong understanding of the Nifty Copper Complex and growing confidence in Maroochydore,” Fifield said.

“From there, you should expect us to go through a strategic review to focus on the most accretive options for Cyprium shareholders.

“We are excited to take the baton and build on their work, unlocking the full potential of this exciting landholding.”

Australian Mining - Cyprium gains full ownership of Paterson