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An announcement from Los Cerros ( (AU:LCL) ) is now available.
LCL Resources has advanced its strategy in Papua New Guinea by signing a binding farm-in agreement with Rio Tinto Exploration over the Ono Project, allowing Rio Tinto to earn up to 80% by funding as much as A$48 million in staged exploration. The deal brings up to A$1.5 million in cash payments, commits Rio Tinto to an initial A$8 million drilling program, and gives LCL access to a major partner’s funding and technical expertise while retaining exposure to any discovery.
During the March quarter, LCL also reported high-grade gold and silver rock chip results from the Kusi prospect’s Lower Limestone unit, with assays up to 94.4 g/t gold and 1,885 g/t silver, reinforcing the unit’s prospectivity within a broader mineralised hydrothermal system. Together with the A$2 million cash inflow from the sale of Colombian assets, these developments mark a shift from early-stage reconnaissance toward a more structured, partner-funded exploration model that could materially de-risk and accelerate the company’s PNG portfolio.
More about Los Cerros
LCL Resources Limited is an ASX-listed mineral exploration company focused on copper-gold and gold-silver assets in Papua New Guinea. Its flagship Ono Project includes the Kusi prospect, which already hosts a significant skarn-hosted gold resource and is being explored for additional porphyry and epithermal-style mineralisation.
Technical Sentiment Signal: Sell
Current Market Cap: A$8.41M
See more data about LCL stock on TipRanks’ Stock Analysis page.