Intercept owns 1,431sqkm area under the exploration licence EL27664 in the North East region of Melville Island located within the Tiwi Islands, Australia.
Under the terms of the agreement, RTX will spend $5m over four years to earn 75% interest in the Tiwi Islands tenement.
RTX will pay a fee of $50,000 to Intercept upon the signing of the formal farm-in agreement.
The farm-in agreement is subject to the grant of exploration licence, access agreement with the Tiwi Land Council and various other pre-conditions.
Intercept Minerals executive chairman Sam Randazzo said that with this farm-in agreement the firm will now focus on its Ianna gold project located in the northwest of Guyana, where currently a 12,000 metres drilling programme is in progress.
