A drilling program within exploration licence EL4355, covering 112sq.km, is expected to be completed within six months.
Placer may earn a 70% interest in the area by completing the initial program and spending a further $2.5 million within the following three and a half years.
Sedimentary has been active in the region for 10 years, mainly through alluvial gold production around Amphitheatre.
“The joint venture represents the next stage in the search for the source of the pervasive alluvial gold found in the region,” the company said.
