Ivernia West has the right to earn up to a 60 per cent interest in the Woodcutters lead-silver prospect in Australia by financing further exploration on the prospect and equity for project development funding.

Ivernia announced that a 10-hole drilling programme on the Woodcutters prospect near Darwin had found mineralisation averaging 12 metres of 5 per cent lead and two ounces per tonne silver.

Ivernia chief executive Mr David Hough said exploration on the prospect would resume once the wet season ended in early April.