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AusQuest expands exploration alliance with South32

AusQuest Ltd. said March 12 that its strategic partnership with South32 Ltd. will continue with additional funding to cover four new exploration opportunities, taking the alliance's total projects to 10.

The new projects entitle AusQuest to receive a second bonus of US$500,000, which will be used for ongoing project generation studies. The partnership dates back to March 2017 and initially covered three nickel projects in Western Australia and two copper projects in Peru.

Under the terms of the parties' agreement, South32 has exclusive rights to AusQuest's projects by funding selected properties up to the drilling stage. It can then elect to spend a further US$4 million on each project to secure a 70% ownership, with an option for an additional 10% stake by completing pre-feasibility studies.

According to AusQuest, it will receive over A$6 million from the deal with South32 and other agreements this year, including funds for drilling on at least two properties in Peru and three in Australia.