Here we go, pre-emptive strike, get ready to rock and roll as soon as the merger is done. This is very exciting!
NTM Gold Ltd (ASX: NTM) (“NTM” or “the Company”) is pleased to provide an update for the Redcliffe Gold Project located near Leonora, Western Australia. A Mining Lease covering the high-grade Hub deposit and surrounding area was applied for in the first half of 2020. This Mining Lease, M37/1348, has recently been granted and covers approximately 15km2 . The granting of the ML is an important step in the path towards the potential development of Hub. Notably, ML’s now cover all of the major Redcliffe Project deposits, including Hub, GTS, Nambi, Bindy, Kelly and Redcliffe, and encompass approximately 26km of continuous strike of the Mertondale shear. Detailed diamond drilling has commenced at the Hub deposit to further advance the project. The drilling is on 25 x 25m spacings down to approximately 150m below surface. This drilling is targeted below the detailed RC drilling completed late last year. Both the RC and diamond drilling are aimed at increasing the understanding of the grade distribution of the mineralisation to enable an upgraded mineral resource estimate. Results from the RC program completed in very late 2020 remain pending and will be reported in due course. NTM Gold Managing Director Andrew Muir commented: “The granting of the ML over Hub is a key approval to enable the potential development of the deposit, and timely given the recent announcement of the merger between NTM and Dacian Gold Limited (ASX 16 November 2020). Infill drilling will allow an updated mineral resource estimate at Hub, with a focus on the near surface high grade mineralisation. The updated resource will be a key plank in enabling the merged group, subject to shareholder approval, to build momentum and maximise the benefits of the combined asset base.
DCN Price at posting:
46.5¢ Sentiment: Buy Disclosure: Not Held
