Archer enters joint venture to explore noncore assets

Magnesite and graphite developer Archer Exploration has executed a legally binding farm-in and joint venture agreement (JV) with Cobalt Bull, covering Archer’s noncore exploration assets in South Australia’s mid-north region. Under the terms of the JV agreement, Cobalt Bull will pay Archer A$200 000 cash and sole fund A$2-million on exploration and other related exploration activities on the Burra North (cobalt and manganese), Spring Creek (copper) Napoleons Hat (gold) and Bull Hills (gold and copper), to earn a 75% interest.