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In January 2013 Northern Star Resources entered into a farm-in and joint venture agreement with Fortescue Metals Group Ltd to earn a JV interest of 60% in the non-iron ore rights at Fortescue’s tenements around and between Northern Star’s Paulsens and Ashburton Projects.
This Joint Venture expands the Company's tenement package to 7,000km2 with FMG JV deal on all non-iron ore rights across the Ashburton region with over 100 targets identified across two major regional structural trends.
In February 2011 the Company acquired its second major project, the 668,000-ounce Ashburton Project, increasing the Company’s mineral inventory to approximately 1 million ounces. The purchase was for nil cash consideration and a 1.75% royalty after the first 250,000oz of production.
Northern Star acquired the Ashburton Project in February 2011. The price comprised only an agreement to pay a 1.75% royalty on production after the first 250,000 ounces. Ashburton has an existing 668,000oz JORC resource. Northern Star believes there is immense potential to grow the resources, production rates and mine life significantly.