Tiger International Resources Inc. agreed to form a joint venture with National Strategic Mineral Supply Inc. to perform exploration rehabilitation of certain mining sites in Arizona.
The company said Sept. 4 that the venture aims to clear the areas of historical tailings under a government program, and then process the removed material to recover platinum group metals and rare earths, as well as gold and silver and associated metals.
Tiger International will apply for specific tenements through a new subsidiary, while National Strategic Mineral Supply will act as operator of the project.
Profits will be shared with 85% going to Tiger International, which will cover any required financing, and the remainder going to National Strategic Mineral Supply.
Net cash flow from the companies' rehabilitation efforts will be used for drilling and exploration on granted claims in a bid to prove up reserves and open new mines in the area.
The joint venture plans to proceed rapidly by filing claims for minerals over the targeted areas ahead of kicking off surface rehabilitation work.