Territory Resource Wrap – June 10

by | Jun 9, 2022 | Business, Business News Brief | 0 comments

The NT Independent is providing you with an update of resource news from across the Northern Territory. This week, Empire Energy Group Ltd has raised an additional $27.5 million in fresh capital, Astro Resources secures 80 per cent hold in IOCG project, plus more.

Astro secures 80 per cent stake in IOCG project in NT

Astro Resources (ARO) has acquired 80 per cent of Greenvale Mining Ltd (GRV) Georgina Iron-oxide- copper-gold-ore deposits (IOCG) Project in the new East Tennant mineral province in the Northern Territory, with the right to take up 100 per cent of the project.

Under the agreement, ARO will acquire 80 per cent interest in GRV’s Knox Resources Pty Ltd (Knox) which owns 100 per cent of the Georgina Project. The project comprises eight granted exploration licences, and five under application, for a combined total of 4,522km2.

Australian IOCGs include the South Australian Olympic Dam, Prominent Hill, and Carrapateena deposits, Ernest Henry in north-west Queensland, and the high-grade Northern Territory Warrego and Juno deposits, located west of the Georgina Project at Tennant Creek.

To date, more than $2.6 million has been used by GRV on the Georgina Project. An additional $80,000 has also been contributed to the exploration made by the Northern Territory Geological Survey as part of two successful co-funded geophysical projects under the Geophysics and Drilling Collaborations program of the Resourcing the Territory initiative.

Empire Energy raises $27.5m via new shares placement

Empire Energy Group Ltd said it has put up $27.5 million in fresh capital after getting binding commitments for its single-tranche placement of new fully-paid common shares to institutional and sophisticated investors at $0.22 apiece.

Empire caught the eye of investors after it began field development of its Beetaloo Basin project where it has found vast gas resources. Funds from the placement will be used to fund an exploration and fracking campaign in exploration permit EP187 in the Northern Territory.

The company, after its successful placement, will now be offering retail shareholders the chance to buy in through a share purchase plan with the same terms to raise an additional $2.5 million. Robust investor support for the company came shortly before it begins stimulation of its Carpentaria-2H well—the second well drilled following its success at the Carpentaria-1 wildcat.

Another well, Carpentaria-3H will be drilled from the same well pad as Carpentaria-2H further east. The company said that if Carpentaria-3H is as successful, it plans to move straight towards pilot production by converting portions of its exploration lease into production licences.

Greenvale begins drilling for potential IOCG targets in NT

Greenvale Mining (GRV) has begun its two-hole diamond drilling program at its Georgina Basin project in the East Tennant Creek region of the Territory. The holes are being drilled at the Banks and Leichhardt West targets seen to have potential for iron oxide copper-gold (IOCG) mineralization.

Knox Resources, GRV’s subsidiary, has recently been awarded a tenement as well as $253,000 worth of grants to fund survey work at the Ranken tenements and a drill hole at Leichhardt East. The targets are close to the Middle Island Resources (MDI) Crosswinds prospect and the Inca Minerals (ICG) Mt Land target which is both teeming with activity exploration over the past several months.

“Our last program at Twin Peaks, completed right at the end of last year, highlighted the prospectivity of this frontier region. We are now back again and drilling in what is increasingly emerging as the ‘hot’ part of the belt, in and around our Central Tenement Group,” GRV CEO Matthew Healy said. GRV has chosen Eagle Drilling NQ to undertake the drilling.

Knox Resources has also been granted tenement EL32964 for six years (until May 2028) by the NT Department of Industry, Tourism and Trade. EL32964 comprises one block, covering 1.1 square kilometres and lies between Greenvale’s existing landholdings of EL32283 and EL32295 and its grant.

Eastern Metals wins govt funding to drill Bullion Copper Mine in the Territory

Eastern Metals Ltd (EMS) has recently won $142,000 in funding grants under the Territory Government’s Resourcing the Territory initiative. The grant will be used for resource extension drilling at the Home of Bullion (HoB) copper mine project in the Northern Territory.

The HoB mine was among the highest-grade copper ore bodies mined in Australia. Two holes outside of the existing resource envelope will be funded from the competitive grants program funded by the NT Government.

The drillings scheduled at HoB consist of eight Diamond Drill Holes and two RC Holes over two separate campaigns to test for extensions to known deposits is will start once final approvals are obtained.

“The successful grant is a strong validation by the Northern Territory Geological Survey of the potential to extend the known lodes at the Home of Bullion deposit,” EMS managing director and CEO Wayne Rossiter said. “This drilling is the first stage of our plan to add tonnage to the known high-grade copper deposit. This will be followed by seeking to identify additional lodes and mineralised structures in the highly anomalous areas around and along with trend from the Home of Bullion deposit which includes tenure recently acquired from Bowgan Minerals Limited.”

55 metres of intense copper mineralization exposed at Bluebird

Tennant Minerals (TMS) has discovered a 55-metre intersection of strong hematite and copper mineralization at the Bluebird copper-gold discovery in its Barkly project in the Northern Territory.

TMS said the drilling crossed a zone of intense hematite alteration with malachite and blebs of native copper and chalcocite from 155 meters. It also said that the next diamond hole is currently being drilled. The hole will test a further 20 metres to the west and down plunge.

The company said the drill core is currently being logged and processed for submission to laboratories in Alice Springs for sample preparation.

“We look forward to completing the remaining holes in our latest, up to 4500 metres diamond drilling program and turning around the assay results as quickly as we can,” TMS Chairman Matthew Driscoll said. “The company is also eagerly anticipating the modelled results from the recently-completed drone magnetic survey flown over the entire five-kilometre Bluebird corridor, which we will overlay with our gravity modelling to highlight the outstanding potential for additional copper-gold discoveries within our project boundaries.”

The latest results provide further confidence that Bluebird is a significant, high-grade copper-gold discovery with the Tennant Creek Mineral Field, the company said.

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