IGO Limited subsidiary IGO Newsearch has signed an agreement to purchase a 70% stake in the Fraser Range tenements in Western Australia (WA) from mining company Matsa Resources.

The transaction also includes the sale of the stake in the Symons Hill copper/nickel project.

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Upon completion of the deal, Matsa will retain a 30% free carried interest in every tenement until a feasibility study is concluded or a decision is made on moving forward with the development and mining of a deposit on each of the tenements.

According to the agreed terms, IGO will have to make a A$600,000 cash payment and subsequently free carry Matsa for all exploration to the completion of feasibility studies or the decision to mine.

With the sale of non-core Fraser Range tenements, Matsa intends to focus on its Lake Carey gold project in Australia. The firm, however, will retain an interest in the potential upside at no cost.

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Matsa executive chairman Paul Poli said: “This transaction enables IGO to have unfettered access to any part of Matsa’s Fraser Range landholding and explore the tenements to the fullest extent without a specific time or cost demands.

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“It provides Matsa with a cash boost, as well as receiving the expert knowledge and exploration experience of the IGO team which is second to none. Matsa welcomes IGO’s exploration know-how and capabilities throughout its Fraser Range tenement holdings.”

Furthermore, the two firms plan to end existing agreements. Subsequently, they will proceed with a single all-encompassing agreement for Matsa’s stake in the Fraser Range tenements.