Eureka. I wasn't aware the Exploration Farmin Joint Venture Agreement (JVA) incorporated a minimum requirement for a JORC R&R of 100kts Cobalt. My understanding is that the JVA sets dates for:
1. PFS supported by JORC Indicated Resources: 30/6/18
2. BFS supported by JORC Measured Resources & Ore Reserves: 30/6/19
3. Decision to mine & Financial close on project finance: 30/6/20
Nowhere is their mention of a minimum JORC R&R requirement. If you have found such a clause in JVA please let me know where.
COB are simply allowing HAV access to their metallurgical process for Cobalt extraction to ascertain whether it can be used to extract cobalt from HAV's resources. If it can and as HAV's tennements are neighbours to COB's then is opens up the possibility of substantial processing synergies which both COB's and HAV's shareholders would benefit from. Will be interesting to see results from this.
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