Australian Aucxis Ltd has entered into a joint venture with South African gold miner AngloGold Ltd at its Yamarna gold project in Western Australia.
Under the agreement, AngloGold will spend $ 2.73 million to earn 60 per cent in the project.
It will then have the right to take its stake to 70 per cent by funding exploration through to the commencement of a bankable feasibility study.
Aucxis, to be renamed Aurex Consolidated Ltd, said a number of substantial targets have already been identified.
AngloGold is expected to begin drilling some initial targets at Yamarna, 900 kilometres north east of Perth in West Astralian Yilgarn region, in the next few months.