Exploration company Ovoca Resources and Aurum Mineral Resources have signed a joint venture agreement on Ovoca's Newcastle West zinc prospect.
Aurum is to spend up to €100,000 throughout the Newcastle West prospecting licences on exploration programmes to earn a 25% interest.
The deal is subject to the approval of the Minister for Communications, the Marine and Natural Resources.
The Newcastle West block is located within a highly prospective base-metal play to the west of the Pallas Green Volcanics in northwest Co Limerick.
An intersection of 'massive sulphide' has been reported within the licences, made during drilling by a private company. However, no other details on the drill hole are within the public domain.
Meanwhile, Ovoca said its gold exploration in Sweden is making good progress with two teams on the group working on the company's claims. Ovoca has sent samples away for testing from its Klippen claim were some encouraging mineralised zones have been encountered in May. Results are expected by the end of the month.
