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Fox Resources Limited (ASX:FXR) has entered a joint venture to acquire an 80% interest in Pilbara Minerals Limited (ASX:PLS) Western Australian tenements.
An extensive exploration program targeting base metals is planned as part of the agreement.
The farm-in remains subject to regulatory and government approvals.
Chief Executive Officer Bruce Garlick says the joint venture presents an opportunity to develop these assets, which are located close to Fox’s other projects in the Pilbara.
Fox Resources reported a $1.2 million loss for the first half of the 2013 financial year.
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