Belararox Limited Initiates Key Earthworks at TMT Project in Argentina
BELARAROX LIMITED (BRX) Share Update September 2024 Tuesday 24th
Belararox Limited Commences Earthworks at TMT Project
Belararox Limited (ASX: BRX) has announced the commencement of earthworks at its Toro Malambo Tambo (TMT) project in Argentina, marking a significant step towards the start of drilling operations.
Instant Summary:
- Earthworks agreement executed with Brig S.R.L. for roadworks at TMT project.
- Brig S.R.L. mobilized to the site on 24 September 2024.
- Staff mobilization and camp re-commissioning scheduled for early October 2024.
- Drilling contract negotiations nearing completion, with drilling to start in late October/early November 2024.
Project Overview
Belararox Limited, an advanced mineral explorer focused on high-value clean energy minerals, has taken a significant step forward in its Toro Malambo Tambo (TMT) project in Argentina. The company has finalized an earthworks contract with Brig S.R.L., a reputable Argentinian contractor, to commence roadworks for drilling sites at the TMT project.
Brig S.R.L. mobilized to the TMT site on 24 September 2024 to begin the necessary roadworks. This is a crucial development as it paves the way for the commencement of drilling operations. The staff mobilization and camp re-commissioning are scheduled for early October 2024, ensuring that the site is fully prepared for the upcoming drilling activities.
Drilling Plans
Drilling contract negotiations with a highly regarded local contractor are nearing completion, and the drilling is scheduled to commence in late October or early November 2024. The focus will be on the Malambo and Tambo South targets, where recent assay results and 3D geochemical modeling have confirmed the presence of copper/gold porphyry targets.
In addition to the earthworks contract, Belararox has finalized support agreements for the provision of fuel and medical facilities ahead of the drilling campaign. This comprehensive preparation underscores the company's commitment to ensuring the smooth execution of its exploration activities.
Strategic Importance
The TMT project is strategically located in an underexplored gap between two renowned metallogenic belts, El Indo and Maricunga. This area has seen significant discoveries in recent years, including Filo del Sol (Lundin), Los Helados (NGEx Minerals), JosemarÃa (Lundin), Valeriano (ATEX Resources), and El Encierro (Barrick Gold and Antofagasta).
Belararox's Managing Director, Arvind Misra, expressed his satisfaction with the progress made by the company's subsidiary, GWK Minerals SA, in arranging the execution of key contracts. He also highlighted the support of Brig S.R.L., which has agreed to receive 50% of its fees in BRX shares, reflecting their belief in the project's potential.
The commencement of earthworks at the TMT project is a positive development for Belararox Limited. It signals the company's progress in advancing its exploration activities and could potentially lead to significant discoveries of copper and gold. This news is likely to have a positive impact on the company's stock price as investors react to the progress and potential of the TMT project.
Investor Reaction:
Analysts are expected to react positively to this announcement, given the strategic importance of the TMT project and the progress made in preparing for drilling operations. The agreement with Brig S.R.L. to receive 50% of its fees in BRX shares is also seen as a vote of confidence in the project's potential.
Conclusion:
Investors should keep a close eye on the progress of the TMT project as Belararox moves towards the commencement of drilling operations. The company's strategic initiatives and comprehensive preparations indicate a strong potential for significant discoveries. Staying informed on the latest developments will be crucial for making well-informed investment decisions.