Rincon Resources (ASX:RCR) has signed a multi-stage, multi-year farm-in and joint venture agreement with Greatland Resources (ASX:GGP) over a large portion of its Telfer South tenement package, located south of Greatland's Telfer gold-copper mine.
Under the agreement, Greatland can earn a 51% interest by spending $2 million on exploration, with the option to increase its stake to 75% by sole-funding to a decision to mine.
Should Rincon retain a JV interest, ore mined under the partnership will be toll-processed at Greatland's Telfer mine.
Rincon's Hasties Main and Hasties South-East deposits, only 10km south of Telfer, remain fully owned and operated by Rincon.
The company plans to expand the mineral resource estimate at Hasties through drilling programs scheduled for 2026.
Rincon Chairman David Lenigas highlighted the significance of the deal, noting Greatland’s local expertise and proximity to world-class infrastructure would accelerate exploration on the 200km2 JV ground, while Rincon focuses on advancing Hasties.
Greatland Managing Director Shaun Day described the JV as "a valuable opportunity for both companies," emphasising the underexplored Paterson Province and the potential to leverage Telfer’s mill for cost-effective ore processing.
The Telfer South Project covers six exploration licences and two prospecting licences spanning 215km2, including over 40km of prospective gold and copper geology. The JV covers 200.8km2, while Rincon retains 15.2km2 at Hasties.
Staged exploration commitments and ownership milestones are detailed in the agreement, with provisions for Rincon to convert to a 1% NSR if its interest dilutes below 10%.