Cyprium Metals (ASX:CYM) said IGO (ASX:IGO) is returning the Paterson Exploration Project joint venture tenements in Western Australia to the company, effective April 30, according to a Wednesday Australian bourse filing.
Paterson comprises 34 tenements covering about 1,938 square kilometers (km) across a 200 km strike length on the western edge of the Paterson Orogen in northern Western Australia.
IGO has invested roughly AU$24 million across multiple drill campaigns and regional targeting programs since the original farm-in in 2020 and has now elected to exit the farm-in agreement with no retained interest.
Shares of IGO were up 6% in recent Wednesday trade.
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