"Leichhardt East Exploration Drilling As of 1 July 2024, a new framework for the environmental licensing of mining, including exploration, titled the NT Environment Protection Legislation Amendment Act 2023 (‘new Act’), came into effect. While the Company had submitted a Mine Management Plan (MMP) application to conduct the previously announced Leichhardt East drilling4 well in advance of this date, it has been advised that a potential 2-3 month wait time is likely for its MMP application to be approved. The delay is due to an unusually high number of submissions received by the NT Government, ostensibly due to numerous explorers submitting MMP applications prior to 1 July, to be assessed under transitional arrangements prior to the new Act coming into effect. Accordingly, the diamond drilling of the Leichhardt East target has been postponed until MMP approval has been obtained, with the drilling now anticipated to commence by no later than November 2024."
What delay the MMP Approval will have on ICG drilling ambitions remains to be seen, I can't imagine any assays being received intime to get the ICGOD's over then line though, as allowing 2 months for an assay means drilling needs to be completed by October 31. The only MMP that ICG have reported being submitted is for the Phosphate.
ICG Price at posting:
0.4¢ Sentiment: Hold Disclosure: Held
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