Tivan (ASX:TVN) was awarded seven contiguous exploration and evaluation licenses, forming the Turiscai copper-gold project in East Timor, according to a Friday Australian bourse filing.
The granting of the licenses was confirmed on Wednesday. It established a new Australian subsidiary company to hold the licenses.
It will conduct a multi-stage exploration program to advance the project. The initial phase will focus on early-stage, non-ground-disturbing activities, including comprehensive data review, geochemical sampling, geological mapping, and targeted geophysical surveys to define robust drill targets.
It signed a memorandum of understanding with the country's Autoridade Nacional dos Minerais to facilitate enhanced technical collaboration in the country and community development initiatives across the Turiscai region.
The firm's shares rose 7% on market close on Friday.
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