NT Minerals has signed an exclusive option agreement with Golden Horse Minerals concerning its Redbank/Wollogorang Copper Project in the Northern Territory.
The agreement entails Golden Horse potentially acquiring a 10% stake in the project by investing $600,000 in exploration.
If Golden Horse exercises this option, a joint venture will be established to further explore and develop the copper deposit.
Over the next 48 months, Golden Horse has the opportunity to raise its stake to 90% by spending an additional $4.5 million and funding a pre-feasibility study.
Upon achieving this, Golden Horse can also acquire NT Minerals' remaining 10% interest at an agreed valuation.
NT Metals Managing Director Rodney Illingworth commented on the development, saying, "The option agreement with Golden Horse is a significant milestone for NT Metals and the development of its Redbank/Wollogorang Copper Project."
"The option agreement substantially reduces tenement holding costs for the company, freeing up financial resources to progress the company's other projects," Illingworth added.
Golden Horse is working towards a dual listing on the ASX, with significant interests in Western Australia's Southern Cross region.
The strategic agreement marks a noteworthy step for both entities in their respective growth trajectories.
NT Minerals is an Australia-based mining company. The company's projects include the Redbank Project and the Millers Creek Project.