The Specimen Reef Project consists of EL11/2005 situated in north-eastern Tasmania about 5km north-northeast of the Savage River Magnetite Mine.
The tenement is subject to an agreement with Walkabout Resources Pty Ltd, now part of Nimrodel Resources (ASX:NMR). Their project includes, but is not limited to RSL’s EL11/2005. Walkabout will earn a 65% interest in the tenement by free carrying the first $10 million in expenditure, and RSL will retain 35%.
The lease contains historic drilling reported to contain alteration zones and veining associated with the old Specimen Reef workings, and an intersection of 0.2m @ 910g/t Au in a quartz-carbonate-brannerite vein. Brannerite is a uranium mineral, but no uranium assays were performed.
Nimrodel believe that there is potential for IOCG-style copper-gold-uranium mineralisation in the area.
NMR Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
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