Tartana Minerals Restricted (ASX: TAT) (the Firm) is happy to advise that it has entered right into a non-binding time period sheet to accumulate a personal explorer, Queensland Strategic Metals Pty Ltd (QSM) (the Acquisition).
Highlights:
- Non-binding settlement to accumulate Queensland Strategic Metals Pty Ltd (QSM) which holds ten EPMs and one ML overlaying copper, tin, tungsten, antimony and silver and gold prospects.
- Key QSM initiatives embody Laheys Creek, Comeno, De Wett, Woman Agnes and Faucet’n’Toe, Fluorspar within the which polymetallic (Sn, Pb, Cu, Ag, Au, REE, Indium) prospects relate to Carboniferous-Permian granites.
- Probably the most superior is the Daisy Bell prospect the place a mineralised 6 – 9 m vast greisen dyke could be traced for at the least 1.8 km alongside strike. Historic percussion drilling contains:
- 7.6 m @ 1.25% Sn & 0.3% WO3 from 32.0m (Gap 2)
- 13.7 m @ 1.46% Sn & 0.48% WO3 from 36.6m (Gap 10)
- Different initiatives embody Ortona and Cherry Tree copper initiatives the place excessive grade (>10% Cu) chalcocite exposures are current in outcrop. Ortona has a magmatic affiliation with publicity of copper (chalcocite) grading as much as 10% Cu in a sequence of parallel veins as properly a 1.8 m zone grading 1.3 % Co & 1.0 % Ni at floor. Cherry Tree has potential magnetic targets close to the Dianne Hight Pressure zone supported by a chalcocite publicity.
- The QSM belongings praise the present Tartana exploration portfolio offering each extra copper targets in addition to rising Tartana’s publicity to vital metals.
- Completion stays topic to executing binding formal documentation and shareholder approval pursuant to Chapter 7 and Chapter 10 of the ASX Itemizing Guidelines.
Completion of the Acquisition stays topic to formal documentation being executed and shareholder approval by Tartana’s shareholders for the needs of ASX Itemizing Rule 10.1, 10.11, and seven.1 (additional detailed beneath), amongst different circumstances precedent. There could be no assurances that the transaction will full till such time that each one circumstances precedent have been met. A abstract of the phrases of the non-binding settlement is about out at Annexure A.
Acquisition Rationale
QSM’s EPMs and ML are positioned Far North Queensland and are complementary to Tartana’s present exploration portfolio with two copper initiatives with excessive grade copper floor mineralisation in addition to a number of EPMs overlaying vital mineral prospects. The vital mineral EPMs are in proximity to Tartana’s personal Herberton (Emuford) EPM Software (EPMA 27220) and are a part of transfer by Tartana to extend its publicity to tin, tungsten and silver and different vital metals.
With Tartana’s Copper Sulphate manufacturing persevering with to supply wholesome money flows, the Firm has additionally been centered on investigating the event of major copper mineralisation on the Tartana open pit in addition to rising its exploration portfolio to include extra and complementary initiatives concentrating on copper and demanding metals. Whereas the previous has concerned drilling a metallurgical gap (D15) and finishing metallurgical check work (flotation recoveries and ore sorting), the chance to accumulate QSM addresses the latter.
About QSM
QSM has, over the course of current years aggregated ten EPMs and one ML overlaying 771 km2 in Far North Queensland (See Determine 2). QSM has acquired the tenements by means of a sequence of transactions with tenure holders with a concentrate on discovery of hardrock vital and strategic steel initiatives, notably tin, tungsten and copper.
In some instances the distributors of those tenements have held them for a major time period with a concentrate on alluvial mining over hard-rock exploration. QSM was capable of safe enticing phrases to accumulate these tenements by leaving the alluvial rights within the palms of the distributors or Queensland Alluvial Assets Pty Ltd (additional detailed beneath).
QSM has 7 undertaking areas that are listed in Determine 1. Every undertaking space incorporates prospects recorded by the Queensland Division of Assets and these are listed underneath every undertaking/EPM. The dominant steel related to every undertaking is color coded with many referring to the minor metals; tin, tungsten and antimony.
Whereas there are lots of prospects in a number of of the permits, QSM has accomplished web site visits and mentioned the assorted prospects with ‘outdated time miners’ to ascertain which explicit initiatives provide potential scale and potential unmined mineralisation. These initiatives are in daring in Determine 1.
Determine 1. QSM tenure and numerous prospects. QSM has prioritised the initiatives that are recognized in daring.
Determine 2. Tartana and QSM EPMs.
An in depth undertaking evaluate has been supplied at Annexure B.
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