New data points to potential $12.4bn worth of minerals near NT’s Tennant Creek
Mining
August 6, 2020 |
Mike Cooper
Northern Territory miners stand to benefit from new scientific data showing an area east of Tennant Creek, a major resource hub, is host to mineral deposits potentially worth up to $12.4bn.
The data was gathered by a $225m federal government-funded mining exploration program, Exploring for the Future, and includes new geological data and mineral potential assessments.
“Detailed data collected in the East Tennant area suggests it could host a new mineral deposit with characteristics similar to those of the Ernest Henry near Mount Isa – one of the largest copper-gold mines in Australia,” federal resources, water and northern Australia minister Keith Pitt said.
“Exploring for the Future has helped narrow down the search for mineral explorers, giving them pre-competitive data they need to make an investment decision.”
The exploration program is led by Geoscience Australia and uses cutting-edge techniques to collect new data and information about potential mineral, energy and groundwater resource systems.
The area surrounding Tennant Creek, where many explorers are currently active, has been a focus for Geoscience Australia for some time. In March last year,
Geoscience Australia flew the “world’s largest airborne electromagnetic survey” over the area between Tennant Creek in the Northern Territory and Mt Isa in Queensland.
News of the Exploring for the Future data is likely to be welcomed by Tennant Creek miners listed on the ASX.
Tennant Creek iron, manganese and vanadium
Another Tennant Creek miner is
TNG Limited (ASX: TNG), which has taken an important step in developing its Mount Peake vanadium-titanium-iron project in the Northern Territory.
TNG in late July signed an off-take agreement for 500,000 tonnes per annum of iron ore from the project with Goa-headquartered Indian mining company Vimson Group, which will market the ore.
The deal provides important financing for the Mount Peake project, and TNG is to build a Darwin-based processing facility to produce a 64 per cent iron ore fines product.
Managing director and chief executive Paul Burton said the iron ore sales agreement was the third such off-take deal for its Mount Peake mine, following one with South Korean company Woojin for vanadium products, and Swiss company DKSH for
titanium dioxide pigment.
https://unauthorised investment adv...4bn-worth-of-minerals-near-nts-tennant-creek/
Nice update today! I love the Mount Peake mine site layout (Como Engineers) and the Darwin Processing Facility 3D Model (SMS group) illustrations. TNG is the slowest burner of all time, if it comes through, possibly the most rewarding of all time!
From Dan's lockdown Melbourne! Tigers out..
