NewPeak Metals (ASX:NPM) has executed a Binding Term Sheet with Yacimiento to acquire the Treuer Range Uranium-Vanadium Project (EL 33611) in the Northern Territory.
NewPeak has completed the legal, financial and technical due diligence investigations of the Treuer Range Project, is satisfied with the results, and is now moving to finalise a formal sale agreement, with a view to progressing to completion of the transaction within several weeks.
This acquisition will mark the next significant step of the company’s rejuvenation plans in entering the strategic critical minerals space and provides NewPeak with a unique opportunity in an excellent jurisdiction that complements the recent acquisition of its Canadian George River Uranium and Rare Earths Elements Project, and its ongoing search for other critical mineral projects in prime jursidictions.
The company is confident that the recent Finland, Sweden and New Zealand projects sales, the successful $500,000 placement and $529,811 Entitlement Issue capital raisings, and additional future assets sales provide both immediate cash, as well as the receipt of staged cash payments and tradeable shares over the near to medium term, to support both the company’s exploration plans for these critical mineral properties and its expansion plans.
The Treuer Range Project includes Exploration Licence (EL) 3361, which is located in the Northern Territory’s Ngalia Basin, one of Australia’s most promising basins for sandstone-hosted Uranium, some associated with Vanadium. Covering 230.7 sq. km, the Treuer Range tenement is prospective for sandstone-type Uranium-Vanadium mineralisation associated with the Carboniferous Mount Eclipse Sandstone.
The project is located 315 km northwest of Alice Springs. It surrounds the Bigrlyi Uranium-Vanadium deposit, which includes the Uranium-Vanadium resources at BigWest and A15E. The current JORC Indicated and Inferred resources at Bigrlyi are 7.5 Mt grading 0.13% U3O8 and 1.12% V2O5, for 9,600 t U3O8 and 8,900 t V2O5 at a cut-off grade of 500 ppm for both metal oxides.
Most resources are within 200 m of the surface and are potentially accessible via open-cut mining, with potential to increase resources at depth and along strike at all the current resource areas.
The Bigrlyi Deposit is secured by three granted Exploration Licences in Retention (ELR 31754, 31755 & 32552), owned by other parties. These licences are excluded from the Treuer Range Project.
NewPeak intends to conduct exploration at the Treuer Range Project, with the objective of defining JORC mineral resources. The exploration programme would include:
- A detailed review and evaluation of historic exploration including a reinterpretation of geochemical, airborne, and ground geophysical and drill hole-derived data.
- The acquisition and interpretation of ASTER or other high-definition satellite imagery.
- Reconnaissance geochemical sampling (including portable XRF), scintillometer transverse and broad-scale geological mapping. Geochemical samples will be submitted for multi- element analyses, including a suite of indicator elements for Bigrlyi-style Uranium- Vanadium.
- Priority areas would be followed up with wide-spaced, low-detection soil sampling, and areas with shallow cover tested by trenching, RAB and/or aircore drilling.
- Ground geophysical surveys such as magnetics, radiometric, and IP, or even Sub-Audio Magnetics (SAM), may be carried out over potential areas to better define geology and mineralised zones.
- RC drilling will test the mineral potential at priority areas, and to improve the geological understanding.
- Infill RC and diamond core drilling to define JORC Resources and obtain samples for metallurgical test work.
The company expects this exploration program to begin in the second half of 2024, subject to statutory approvals.
