In this week’s Resource Wrap we have a up potential large-scale rare earths project identified, a Beetaloo Basin explorer talking to the federal government about funding after its court loss, the federal Resources Minister coming to Darwin, the 50 per cent sale of an NT onshore gas asset, and more.

Chase Mining large-scale rare earth and base metal project identified

Chase Mining has identified a large-scale rare earth and base metal project in the Barkly egion, the company said in a statement on Wednesday.

Chairman and chief executive officer Dr Leon Pretorius said Geoscience Australia conducted a recent geochemical and geophysical review, and identified new rare earths and base metals project area on the northern Barkly tableland.

Rare earths identified included niobium and the highly valuable neodymium. And the base metals identified were copper lead zinc copper-cobalt, bismuth, molybdenum, tellurium, niobium, palladium, uranium, vanadium, and tungsten.

He said the project is comprised of three exploration licence applications (33128/ 29/30) totaling 1,950 sq km over pastoral lands 500km northwest of Mount Isa and 150km southwest of McArthur River.

Some of the applications will need Native Title agreements prior to being granted so timing is unknown, and the next step for the company to prove the resource is drilling after the targets are well defined, Dr Pretorius said.

Empire Energy

In December last year, Empire Energy had a $20 million grant stopped in a federal court battle between The Environment Centre NT and the federal government. The Environmental Centre NT successfully had the grant void to develop the Beetaloo Basin onshore gas field that had been awarded earlier in the year. However the federal court also rejected the Environment Centres challenge on the validity of the program as a whole and grants can still be renegotiated.

Managing director Alex Underwood said it would support work programs in accordance with the Federal Court decision on December 23.

In that decision Empire Energy lost a federal court battle with the Environment Centre NT, over a $21 million federal government grant to develop the Beetaloo Basin onshore gas field that had been awarded earlier in the year.

The Environment Centre NT argued in the federal court that the $21 million grant for exploration wells was legally unreasonable on multiple grounds.

Australasian Metals discovers high-grade lithium at Mt Peake

Australasian Metals (AG8) continues to advance its Northern Territory projects it said in its December quarter activities statement.

Managing director said Dr Qingtao Zeng said that in the northern Arunta Pegmatite province, the business discovered high-grade lithium at its Mt Peake property, about 100km northeast of Barrow Creek.

Mt Peake is also home to high-priority pegmatite and lithium, according to A8G and CSIRO findings, he said.

The company reached a deal with Prodigy Gold (PRX) towards the end of the quarter to acquire a 90 per cent stake in the Barrow Creek lithium project.

Dr Qingtao Zeng said the deal covers an area of 880 sq km, which comprises five tenements.

Askari Metals eyes aggressive movement in Barrow Creek

After raising $2.6 million, Askari Metals (AS2) has bought the Barrow Creek lithium property from private firm Consolidate Lithium Trading the company said in a recent ASX statement

Executive director Gino D’Anna described the project region as “very promising for hard rock lithium-tin-tantalum mineralisation”.

Mr D’Anna said Askari is well-funded to press through with its initiatives “aggressively.”

Central Petroleum completes 50 per cent sale of NT assets

Central Petroleum completed the sale of 50 per cent of its interests in the Mereenie, Palm Valley and Dingo fields in central Australia, the company said in its business activity statement.

Managing director and chief executive officer Leon Devaney said the buyer was New Zealand Oil & Gas Limited (NZOG) and Cue Energy Resources Limited (Cue) for circa $85 million.

He said this was a $36 million profit and the proceeds would fund a program of development and exploration in the same fields. The proceeds also facilitated the repayment of $31 million of debt.

Resource business is back in 2022 with the following events.

Darwin Mining Club lunch

Northern Territory’s Investment Commissioner Andrew Cowan will offer an update on investment priorities and their implications for the mining sector.

Date: February 18

Venue: Waterfront Rooms, Darwin Convention Centre

Time: Noon to 2.30 pm

Back to Business 2022 with federal Water and Resources Minister Keith Pitt

The sixth annual Back to Business event will host federal Water and Resources Minister Keith Pitt who is expected to provide some insights into the following year, with a particular emphasis on the Territory’s energy industry and its prospects for 2022.

Date: February 22

Venue: The Grand Ballroom, DoubleTree by Hilton, 116 The Esplanade Darwin

Time: 6pm to 9pm