Miner and explorer IGO (ASX:IGO) earned a 70% stake in Encounter Resources' (ASX:ENR) Yeneena project in Western Australia after funding AU$15 million of exploration expenditure, according to a Monday filing with the Australian bourse.

The company completed two diamond drill holes and 39 air-core holes at the project this year, with results expected in 2025, the filing said.

A joint venture covering the project is now formed between the company and Encounter Resources, according to the filing.

IGO shares fell almost 1% in afternoon trade Monday, while Encounter Resources shares fell more than 4%.

Price (AUD): $5.01, Change: $-0.05, Percent Change: -0.89%