Territory Resources Wrap – June 1

by | Jun 1, 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, the NT Government reaffirms its commitment to the Beetaloo, Chase broadens its rare earth operations in the Barkly, the NT Government hands out grants for diamond mining, plus more.

Territory’s Beetaloo Basin is still a Labor Government priority: CM

Chief Minister Natasha Fyles said the development of the Beetaloo is still the Labor Government’s priority as the project is forecast to contribute significantly to developing the Territory’s economy which is projected to reach $40 billion by 2040.

This year, Beetaloo Basin particpants led by Tamboran Resources, Santos/TBN, Origin Energy/Falcon and Empire Energy will undertake work programmes to define the commercial parameters of development in the area. Volume and forecasts point to the continued strong demand for natural gas in Australia’s energy supply.

Australian and global gas markets continued to be strong over the last 12 months. Strong market demand during the period was due to the surge in wholesale gas cost, which was brought about by the increased use of gas to generate electricity because of coal power outages and falling levels of renewable energy generation.

Chase broadens rare earth development in NT

Minerals company Chase Mining Corporation Ltd (CML) has picked up two connecting exploration licences to the northwest to broaden its Barkly North Rare Earths project in the Northern Territory, securing a 160-kilometre lined extension of the rare earth trend discovered by a Geoscience Australia (GA)-conducted North Australian Geochemical Survey.

The survey covered the whole Barkley region west of Mt Isa with widely spaced stream sediment examples of various filter sizes and analysis for all elements. CML’s own study likewise revealed this continuous 160-kilometre trend of peak rare earth anomalism with supplementary high values in supporting elements, particularly niobium chrome and uranium.

Along with projections for ionic rare earth, the Barkly North project zone has had a long-recognised potential for major base metals deposits in the underlying unexposed older sequences.

These sequences comprise those that host the major shale-hosted and iron-oxide-copper-gold (IOCG) deposits in the McArthur River and Mt Isa regions.

The company suggested conducting more surface sampling throughout the project zone once the licences are granted to better define and identify the sources of the rare earth. It is projected that an initiative of shallow drilling traverses will then allow the confirmation of a mineral resource.

Inca Minerals sees positive IOCG prospects at Roadhouse target in NT

Inca Minerals (ICG) said its Roadhouse target in its Frewena Group project in the Northern Territory is positive for iron-oxide-copper-gold (IOCG) and will go ahead in its drilling to further test the area.

The initial review of a diamond hole drilled at the Roadhouse target detected IOCG style alteration and sulphide occurrences within the hole. The company said it believes the alteration and vein varieties in the hole could indicate IOCG hydrothermal activity.

A total depth of 961.1 metres was drilled and will further be tested for a large gravity anomaly that defines the Roadhouse target. Drilling intersected sedimentary units of the Alroy Formation lying above foliated metavolcanic and granitic rocks, with granitic rocks increasingly altered and veined with depth.

ICG said the hole was a positive result and served as a proof-of-concept for the Roadhouse target. It has yet to test the deeper and higher-tenor portion of the area.

The company is continuing its drilling in other areas of the project and is waiting for a more detailed study before determining its next steps.

NT Gov’t selects Australasian Metals for exploration grant

The Territory Government has awarded Australasian Metals Limited (A8G) a grant of $160,000 for its diamond drilling program at its Mt Peak lithium project in the Northern Arunta region. A8G said the additional funds will be used in conducting a more extensive drilling program that will start in the third quarter of this year.

A8G earlier applied for the grant under Round 15 of the government’s Geophysics and Drilling Collaborations program.

“These exploration funding initiatives are highly competitive and the fact that Australasian’s application was successful is a fantastic endorsement of our work program and the geological potential of the Mt Peake project,” A8G managing director Dr Qingtao Zeng said.

A8G is a lithium, gold and precious metals exploration company primarily focused on projects in Australia. The company holds and has a purchase agreement of over 274.3 km2 of tenements. It was established to detect and discover lithium, gold and base metal projects, primarily in Australia.

 

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