The NT Independent is providing an update of resource news from across the Northern Territory. Highlights this week include Mandrake concluding drilling at its Berinka Pine Creek gold-copper project in the Territory, Encounter Resources asking shareholders for $4 million for further exploration works, plus more.

Tamboran Resources partners with Helmerich & Payne for Beetaloo Basin development

Tamboran Resources Limited (TBN) has entered into a strategic partnership and has secured a $22 million equity investment from a subsidiary of Helmerich & Payne, Inc. (H&P)—the largest drilling solutions provider in the US. The investment forms part of Tamboran’s $138 million capital placement.

TBN said it will use the proceeds from the capital placement to focus on the development of the Beetaloo Basin. The company also said that the alliance with H&P will assist TBN in fast-tracking drilling at a reduced cost. The company has finalised a drilling contract with H&P for a super-spec FlexRig(R) for a two-year term. The drilling activity, if successful, is expected to position Tamboran for the sanctioning of the proposed Amungee Pilot Development by the end of 2023.

“The strategic alliance with H&P, alongside their $22 million equity investment in Tamboran, aims to bring unrivalled US unconventional expertise and knowledge into the development of our significant low-CO2 natural gas resource and materially reduce costs,” said TBN managing director and CEO Joel Riddle. “The equity investment reflects H&P’s confidence in the quality and focus of Tamboran’s assets and operational team.”

Eastern Metals commences exploration at Barrow Creek

Eastern Metals (EMS) started its lithium exploration program in the Barrow Creek region inside its Arunta project in the Territory. The preliminary phase will include mapping outcropping granites that may hold pegmatites and detecting where they are situated under transported cover. EMS will also do exploration on and around the Home Bullion mine where pegmatite float specimens were seen around previous work sites.

The company said samplings of historical work by the NT Geological Survey had acknowledged highly anomalous lithium values directly west of Barrow Creek.

EMS CEO and managing director Wayne Rossiter said the program is the first step in the prioritising of the lithium pegmatite exploration potential of the company’s tenements in the Territory, all within the Arunta pegmatite province.

“Mapping of granites and identification of pegmatites will be the first step of this systematic program commencing at our Barrow Creek area and later at our Adnera area, which lies along-trend from the Alcoota pegmatite district,” Mr Rossiter said.

Encounter Resources to tap investors for $4m to boost exploration works

Encounter Resources (ENR) will be asking shareholders for $4 million to advance copper, lithium and rare earth exploration at its Sandover project in the Territory and the Aileron and Lamil projects in Western Australia. ENR plans to place 33.3 million shares to private investors at 12 cents per share.

Additionally, directors of the company have subscribed for 2.5 million shares at the same price to raise a further $300,000. The director placement is subject to shareholder approval, which will be sought at the company’s AGM on November 29.

Specifically, the new funds are earmarked for copper and lithium exploration at its Sandover project, where bornite was identified in the historical drill core. The company also plans to continue testing the potential for iron oxide copper gold ore and rare earth at its Aileron project in the West Arunta region.

Canaccord Genuity and Chieftain Securities acted as joint lead managers for the placement and will receive two million options exercisable three years from the issue date.

Mandrake concludes drilling at Berinka Pine Creek

Mandrake Resources (MAN) has finished the drilling phase of its Berinka Pine Creek gold-copper project in the Territory, which had targeted two greenfield prospects, Vegetation Anomaly and Terry’s Gap, via a total of 1131 metres of drilling.

MAN said results from the reverse circulation hole included a three-metre intercept grading 1.8 grams of gold per tonne, 32 grams of silver per tonne and 2.1 per cent copper from 124 metres downhole.

The company said that drilling, however, was shortened by difficult ground conditions and rig breakdown.

MAN, meanwhile, has also tested four other prospects nearby, with assays now at a laboratory for analysis. It said that an 84-metre diamond tail was completed, with the core now being processed before cutting and sampling, while all RC samples have been sent for assaying.