27 June 2014
ASX-listed TNG has become the latest benefactor in the Northern Territory government’s geophysics and drilling collaborative funding programme.
The programme aims to increase the intensity of exploration drilling and geophysics in greenfields areas so as to stimulate exploration and assist in attracting new exploration investment in the Northern Territory.
TNG reported on Friday that the funding would allow the company to test two significant base metal targets at its McArthur River project. Two deep diamond drill holes were planned, for a total of 600 m, with drilling expected to start in August.
TNG MD Paul Burton said that the award of funding under the geophysics and drilling collaborative funding programme was a significant result for the company, and a vindication of both the potential of the project area and the company’s exploration approach.
“The McArthur Basin and particularly the Batten fault zone has significant potential to host world-class base metal deposits. This co-funding will enable us to conduct cost effective exploration to test two outstanding targets which, if successful, could deliver significant shareholder value.”
The McArthur River project comprises two granted exploration licences covering 223 km2. The project is located some 60 km from Glencore’s McArthur River zinc mine.
Burton said that the exploration work would not compromise the company’s focus on rapidly advancing its Mount Peake vanadium project towards development.
Courtesy of Mining Weekly
27 June 2014