Narryer Metals (ASX:NYM) formed an unincorporated joint venture with Petratherm (ASX:PTR) to explore exploration license 6715, part of the Muckanippie project in South Australia, according to a Wednesday filing with the Australian bourse.
The company agreed to grant Petratherm the right to earn up to a 70% stake in EL 6715 in April 2024 by spending AU$500,000 over four years, the filing said.
Narryer Metals holds a 30% interest in the tenement, according to the filing.
Shares rose nearly 8% in midday trade Wednesday.
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