The NT Independent is providing an update of resource news from across the Northern Territory. Highlights this week include Lithium Plus reporting successful drilling at its Perseverance prospect, Tennant Creek Geophysical Programme making headway, KGL appoints CEO for Jervois copper project, and NT Government’s mineral exploration expenditure for the fiscal year 2022-23 surged to $200.1 million.

Lithium Plus reports successful drilling at Perseverance prospect

Lithium Plus Minerals (LPM) said it had completed drilling a five-hole dual RC/DD program, confirming significant spodumene mineralisation within the Kings Landing Area of its Bynoe lithium project in the NT.

LPM said significant results included 19 metres at 1.58 per cent lithium oxide from 148 metres, including four meters at 2.62 per cent. The company said it remains on track to declare a maiden high-grade lithium resource within the fourth quarter of this year.

“Following the recent exceptional intersection at the Lei prospect, initial results from our concurrent drilling campaign at the Kings Landing Area confirm further exploration success,” LPM Executive Chairman Dr Bin Guo said.

Tennant Creek Geophysical Programme makes headway

KKR, for the fiscal year 2023, has started its geographical works at Tennant Creek. The company has also made IP work at Tennant East and Kurundi locations, additional airborne magnetics at the new Pioneer Project and the Barkly areas, along with geophysical processing and modelling of all the data.

KKR has identified several targets after the completion of its gravity work at the site and is set to conduct additional gravity surveys.

The company started its geophysical programme last April targeting potential IOCG areas at Barkly, Rover East, Kurundi and Tennant East. It includes a proposed: 55 line km of DDIP, 10km² of GAIP, 30km² of Gravity and 370km² of detailed magnetics to find new targets. KKR said initial findings have identified multiple targets at several locations.

KGL appoints CEO Jervois copper project

Nicholas Spencer has been appointed as KGL Resources’ CEO to lead the development of the Jervois copper project in the Northern Territory. Mr Spencer has more than 30 years of mining experience and has a track record of successfully developing and operating mining projects.

KGL has also appointed Chris Dippenaar as CFO after the resignation of Amy Treble. Mr Dippenaar is a fellow chartered management accountant and fellow certified practising accountant with extensive international experience.

NT exploration spending rises

The NT Government’s mineral exploration expenditure for the fiscal year 2022-23 surged to $200.1 million, representing an increase of 17 per cent from the previous year. The amount is also the highest recorded since FY 2011-12. The NT’s 17 per cent increase in expenditure was higher than the Australia-wide increase of 7 per cent for the same period.

Data from the Australian Bureau of Statistics revealed that critical minerals expenditure is leading the way, increasing 33 per cent in 2022-23 to $88.6 million, comprising 44 per cent of all mineral exploration in the Territory.

“The Northern Territory is bucking the national trend in mineral exploration expenditure and setting records, driven by demand for our critical minerals,” Mining and Industry Minister Nicole Manison said ahead of the opening of the recently concluded NT Resources Week.