Indian Pacific Resources (IPR) has entered an agreement with Jubilee Platinum to farm in up to a 90% interest in the Ambodilafa Project located in Madagascar.
The company will acquire an interest in all commodities other than the platinum group metals, traded on the London Metals Exchange, and chrome.
Jubilee Platinum chairman Colin Bird said: "We are pleased to have entered into this agreement and to participate in this new exploration opportunity fully funded by IPR. This is in line with our stated ongoing review of strategic options for continued exploration in the country."
IPR's key target in the Samelahy area of Ambodilafa is a 6km-long, high-intensity aeromagnetic anomaly, identified in a previous airborne geophysics survey by Jubilee.
Ambodilafa is located 45km from the ocean and 80km southwest of IPR's key project‚ Tratramarina‚ which is a potential logistical benefit for iron-ore shipping.
Under the terms of the agreement, IPR can earn its interest in commodities by spending directly on exploration activities.
Following a formal farm-in agreement, geological mapping and rock chip sampling will be conducted by IPR over the Samelahy prospect, while airborne geophysical data will also be processed and interpreted to help identify sites for an initial drilling programme.
Image: Geological mapping and rock chip sampling will be carried out by Jubilee Platinum's farm-in partner in Madagascar. Photo: courtesy of Jubilee Platinum.