CuFe Ltd (ASX:CUF) executive director Mark Hancock sits down with Proactive’s Jonathan Jackson to talk about the significant progress the company is making with its Tennant Creek Copper-Gold Project and West Arunta acquisition as the company expands its presence and potential resource base in Australia.
CuFe has provided an update on its Tennant Creek Project, co-owned with Gecko Mining Company Pty Ltd (55% CuFe, 45% Gecko). The project has an existing JORC 2012 resource of 7.3 million tonnes at 1.7% copper and 0.6 g/t gold. Hancock cited the project's potential, given ongoing exploration successes in the region, a robust copper market, and high gold prices.
The company has initiated a detailed technical review to expand existing resources and identify further exploration potential. This review highlighted four high-priority exploration targets and outlined plans to assess heritage and regulatory approvals for an initial exploration program, including about 5,000 metres of drilling.
The review also identified potential to grow the Orlando resource based on existing and historical underground drilling data, with ongoing analysis to define additional targets through reprocessing and interpreting historical geophysical data. CuFe aims to kick off the initial drill program following heritage and regulatory approvals in a bid to add resources and support the future recommencement of mining in this mineral-rich field.
Meanwhile, CuFe has acquired a 64-square-kilometre land parcel in the niobium-prospective West Arunta region of Western Australia. The tenement, E80/6052, is 13 kilometres northeast of CuFe's existing West Arunta Project and 18 kilometres northeast of Lycaon Resources’ Stansmore niobium-rare earth project.
This acquisition increases CuFe's holdings in the West Arunta niobium province to more than 281 square kilometres. A geophysical review has identified two prospective targets in the area. CuFe is negotiating land access with the Parna Ngururrpa Traditional Owners Group to start on-ground work.
The acquisition involved an initial payment of $10,000 in cash and $25,000 in CuFe shares (1,562,500 shares at 1.6 cents per share), with a further $50,000 payment due upon the later of the tenure grant or heritage agreement execution. Additionally, CuFe has had two of its previous tenement applications, E80/5925 and E80/5950, granted by the DEMIRS with a third expected within a month.
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