In April 2010, IMX Resources and OZ Minerals Limited entered into a joint venture (JV) which gave OZ Minerals the right to explore the Mt Woods Project licences for all non-ferrous minerals.
Under the terms of the JV, OZ Minerals can earn up to 51% of the non-iron ore rights (while IMX retains 100% of the iron ore rights and 49% of the non-iron ore rights), by spending a minimum of $20 million on exploration on the Mt Woods project area within 5 years.
The primary focus of the JV is to explore for copper and gold (Cu-Au) with OZ Minerals appointed manager and operator of the project.
Exploration to date has comprised deep diamond drilling of Cu-Au targets generated from airborne and ground geophysical surveys as well as targets generated by IMX. OZ Minerals have been diamond drilling at the Black Hills copper-gold prospect with results expected shortly.
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