Mincor in $2m JV with Japan's JOGMEC

Mincor Resources has extended its relationship with a Japanese government entity, this time over the Bonaparte zinc project near Kununurra.

The nickel miner today said it had finalised a new deal with Japan Oil, Gas and Metals National Corporation, or JOGMEC, which will sole fund up to $2 million of exploration.

JOGMEC can initially earn a 24 per cent in Bonaparte by spending $1.2 million within two years. The company can then increase its interest to 40 per cent by spending a further $800,000.

The project, located 30 kilometres north of Kununurra, is also prospective for lead, silver and copper.

Initial exploration is scheduled to begin either in September or October.

Mincor and JOGMEC first teamed up in November last year through a $4.5 million joint venture over the Georgina Basin zinc project in the Northern Territory.

Shares in Mincor climbed two cents to $2.47 at 15:15 AEST.