A joint venture agreement has been signed with a subsidiary of RTZ of London covering the exploration and possible development of four mineral licence areas in Greenland, Platinova Resources (TSE) reported.
The subsidiary, RTZ Mining and Exploration, may earn a 51% interest in Platinova’s Kap Edvard Holm platinum-gold project by spending 35 million Danish kroner ($6.6-7 million) on exploration during the next three years. A 20-30 hole program is planned for completion by the end of August.
RTZ will also explore three base metal prospects in East and West Greenland, with Platinova being carried through the first 2.5 million Danish kroner of expenditures in each prospect and having an eventual 35% interest in each prospect.
Platinova, which is moving its business operations to Greenland, has interests in a number of projects in the self-governed territory which comes under the jurisdiction of Denmark. The junior’s most advanced prospect is the gold-palladium Skaergaard project 15 km northeast of Kap Edvard Holm.
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