NT Minerals secures Wollogorang Copper project in A$250,000 deal
NT Minerals Ltd has announced the acquisition of Mangrove Resources, wholly-owned subsidiary of Resolution Minerals, and the holder of the Wollogorang Copper project in a deal worth A$250,000. The copper project is located approximately 180km southeast of Borroloola in the Northern Territory. The Wollogorang Project adjoins the company’s existing Redbank Project and includes seven granted exploration licenses, covering an area of 3,803 km².
NT Minerals’ Future Goals with Wollogorang Copper Project
NT Minerals Executive Chairman Mal James stated, “The Wollogorang Project is an extremely exciting acquisition to build exposure to critical minerals opportunities and copper resources adjacent to the Company’s Redbank Project.” Historical work in the Wollogorang area has defined several prospective mineral zones, including locations rich in copper, cobalt, nickel, and other critical minerals.
NT Minerals to acquire Wollogorang copper project in Australia. Map courtesy of NT Minerals Ltd.
Historical Exploration and Data Review
The Wollogorang Copper Project has undergone significant exploration activities, including approximately 57,000 meters of drilling documented historically. CRA Exploration conducted most of this work in the early 1990s. The project is characterized by a circular gravity high, approximately 26km wide, which is of particular geological interest for its potential mineral abundances and styles of mineralization.
Previous and Upcoming Activities
Previously, Resolution Minerals and its predecessor, Northern Cobalt Limited, conducted additional drilling to update the Mineral Resource Estimate to JORC2012-compliance. No further work has been done at Stanton, one of the project’s promising prospects, since 2018. NT Minerals plans a full technical review of the data and will focus on poorly tested geophysical anomalies for future drilling campaigns. Two copper-cobalt prospects, Running Creek and Gregjo, are of immediate interest to the company.
Financial Terms of the Acquisition
The acquisition includes a cash payment of A$50,000 and the issuance of NTM fully paid ordinary shares worth A$200,000. These shares will be issued based on the 10-day VWAP prior to the completion date, expected to occur on or before 29th September.
With this strategic acquisition, NT Minerals aims to consolidate its standing in the exploration and development of copper and critical minerals, leveraging both the Wollogorang and Redbank Projects.