The NT Independent is providing an update of resource news from across the Northern Territory. Highlights this week include DevEx Resources signing a uranium earn-in agreement with Transition Metals, King River continues on the high-grade gold hunt at Tennant Creek, Australasian Metals starts drilling at its Mt Peake lithium project, and Lithium Plus reports 94 meters of high-grade mineralisation at its Lei prospect.
DevEx signs uranium earn-in
DevEx Resources has entered into an earn-in agreement over the Murphy West uranium project in the NT. The agreement with Transition Minerals will enable DevEx to earn up to a 75 per cent interest in the uranium mineral rights over seven granted exploration tenements covering 5,000 km in a prospective, but under-explored uranium province.
The agreement states that DevEx will spend $3.5 million on the project area in the next five years, after which Transition Minerals will be free-carried to the completion of a feasibility study.
Standard dilution clauses will apply on the formation of a joint venture, and should a partner’s interest dilute to below 10 per cent, it would be automatically converted to a 1 per cent net smelter royalty over the uranium minerals.
King River presses on high-grade gold hunt at Tennant Creek
King River Resources Limited (KRR) reported that it is now focused on its gold exploration with its holdings at its Tennant Creek Project in the NT and Mt Remarkable Project in WA. KRR’s Tennant Creek holding includes a vast stretch of land with very prospective ground where extremely competitive exploration has been undertaken and substantial results for gold and copper have been returned.
KRR’s Tennant Creek Project includes copper as well as gold exploration leases. The tenements are held by Treasure Creek Pty Ltd, which is a 100 per cent subsidiary of KRR. In total, the company has about 17 tenements highly prospective for gold and copper spanning over an area of 6,641 km.
In the fiscal year ending 30 June 2023, the ongoing geophysical works at Tennant Creek remained KRR’s primary focus area, the company said.. The IP work centred around Tennant East and Kurundi locations and numerous airborne magnetics were carried out at the new Pioneer Project and the Barkly areas.
The company is now planning to conduct additional gravity surveys at the site, it said.
Australasian Metals starts drilling at its Mt Peake lithium project
Australasian Metals Limited (A8G) has commenced its initial drilling campaign at its Mt Peake lithium project in the NT that would cover 600 meters testing three drill holes. A8G said the primary targets were identified via soil and rock-chip geochemistry and technical input from CSIRO and UWA.
The company aims to test the geological zone sitting below the historically identified lithium-bearing pegmatite outcrops – JC001 and MP10127. The lithium mineralisation at JC001 stands at 1.61% Li2O and 225 ppm Ta and MP10127’s mineralisation is 1.15% Li2O & 223 ppm.
A third hole would focus on testing the well-defined soil geochemical anomaly sharing boundary with Core Lithium’s (CXO) owned EL26848, where six samples delivered more than 1% Li2O with up to 4.78% Li2O, with spodumene occurring at the surface.
Lithium Plus reports 94m of high-grade mineralisation at Lei prospect in NT
Lithium Plus Minerals (LPM) has confirmed thick and high-grade lithium mineralisation at its Lei prospect in the NT. Assays from the Bynoe pegmatite field include 13 metres at 1.36 per cent lithium oxide from 611 metres. LPM has four additional diamond holes underway at Lei to test the extent of the primary pegmatite and its depth.
“The extremely high 1.94 per cent lithium oxide grade reported over a wide 41-metre interval opens the door for consideration of DSO potential development pathways as we continue to explore and advance the project,” LPM Executive Chair Dr Bin Guo said.
The company remains on track to declare a maiden high-grade lithium resource by the fourth quarter of this year.
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