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OZ Minerals ASX Announcement

New multi-site exploration Greenfields Discovery Alliance

OZ Minerals has entered into an exploration alliance with Red Metal Limited (ASX:RDM) which will significantly increase its exploration footprint in Australia. The Alliance gives OZ Minerals a two-year option to fund a series of mutually agreed, proof-of-concept work programs on six of Red Metal’s early-stage projects.
 
Richard Holmes, OZ Minerals Head of Exploration and Growth, said “This Alliance is borne from the experience the companies have gained working together on the Punt Hill project near the Carrapateena copper project, currently in construction in South Australia. Red Metal has demonstrated all the qualities we look for in partners – strong technical ability, a collaborative approach to ventures and external stakeholders, and an entrepreneurial spirit.
 
“The projects selected for the Alliance offer a rare opportunity to gain access to large land holdings in terranes with significant mineral endowment and frontier terranes with low cost programs to test new concepts. Many of these areas are under cover and enable OZ Minerals to provide its technical expertise for exploring under cover to support our partner.”