NT Minerals Secures Exploration Rights in Yilgarn Craton
NTM (NTM) Share Update July 2024 Monday 29th
NT Minerals Announces Acquisition Opportunity in Yilgarn Craton
NT Minerals Limited (ASX: NTM) has announced a significant exploration and ownership opportunity in the Archaean Yilgarn Craton of Western Australia. This agreement with 10M Pty Ltd offers the company a low-cost entry to acquire an asset covering the Twin Peaks Greenstone Belt, known for its potential in copper, lead, zinc, and gold mineralization.
Instant Summary:
- Twin Peaks Project located in the Murchison Province of the Archaean Yilgarn Craton.
- Project covers the entire Twin Peaks Greenstone Belt.
- Historical mining recorded high-grade copper ~16% Cu.
- Recent trial mining program focused on iron ore potential.
Project Overview
The Twin Peaks Project is situated 520km north of Perth and approximately 200km northeast of Geraldton. The project includes one granted exploration license, one exploration license application, one mining lease, and one miscellaneous license, covering a total area of 500km².
The Twin Peaks Greenstone Belt extends approximately 33 km along a northeast trend. Historical copper production within the belt totaled 85 tonnes, averaging 16% copper, derived from small mines like the Twin Peaks Main Shaft and Ringing Bell Lode.
Historical Exploration
Between 1979 and 2011, three companies conducted extensive base metal exploration. Amoco Minerals Australia, Poseidon Exploration Limited, and Jabiru Metals Limited carried out various activities including mapping, aeromagnetic surveys, EM surveys, and drilling. However, data from these explorations is not readily available, and NT Minerals is working to source it.
From 2012, the focus shifted to iron ore potential within the Woolbung BIF, initially by Trafford Resources Limited and later by 10M Pty Ltd, which conducted a trial mining program.
Next Steps
NT Minerals plans to identify and compile all historical exploration data, integrating and interpreting geochemical and geophysical datasets. The company will also undertake fieldwork to validate historical results.
Major Terms of Agreement
The agreement includes an exclusive term of 12 months, extendable at NT Minerals' option. The company has exclusive rights to all minerals discovered during exploration, excluding iron ore on the mining lease. An annual rent and fee of $25,000 is payable for a 50% direct interest in all licenses, with NT Minerals responsible for all tenement rents and fees during the agreement term.
This acquisition opportunity could significantly boost NT Minerals' portfolio, providing access to high-grade copper and other base metals. The historical data suggests substantial mineralization potential, which could positively impact the company's stock price as exploration progresses.
Investor Reaction:
Investors and analysts have shown optimism about this low-cost entry into a highly prospective area. The potential for high-grade copper and other base metals is seen as a strong growth opportunity for NT Minerals.
Conclusion:
Investors should keep an eye on NT Minerals' progress in the Twin Peaks Project. This strategic move could enhance the company's resource base and drive future growth. Stay updated with NT Minerals' exploration activities and potential discoveries.