Resolution (ASX:RML) greenlit for unexplored Territory
Resolution Minerals will get first mover advantage on unexplored copper ‘traps’ evidenced by the nearby Walford Creek deposit following approvals to begin drilling at its Benmara Project in the Northern Territory’s South Nicholson Basin.
Aided by $300,000 government funding, drilling will test a 3-kilometre, 1000-metre-wide and 194-metre thick open-at-depth highly prospective pyritic carbonaceous shales and siltstone rock units on the northern margin of the 60km Fish River Fault.
Resolution’s’ NT Projects – Farm-in agreements in place on Wollogorang and Benmara Projects
The Company said the ‘Benmara Group’ package of rocks bears equivalency to host rocks for world-class regional deposits, such as the McArthur River (HYC Deposit), Lady Loretta, Walford Creek and Century Deposits.
Next Steps
Resolution has received government approvals enabling the commencement of a drilling program at the Benmara Project planned for the 2023 dry season (expected May – Nov).
Price Action
The Company’s ASX-listed shares are .007c at Market Open.
About the Exploration
Resolution has received government approvals enabling the commencement of a drilling program at the Benmara Project planned for the 2023 dry season (expected May – Nov)
This approval was the remaining condition precedent on the Farm-in and JV agreement with OZ Exploration Pty Ltd (a subsidiary of OZ Minerals Limited ASX: OZL) on the Benmara Battery Metals Project in the Northern Territory.
Approval triggers the commencement of the Initial 2-year minimum commitment of $1m spent.
OZL-RML Farm-in and JV agreement
- OZL can earn a 51% interest by spending $4m over five (5) years
- $1m Initial Period – two years
- $3m Stage One Earn-in to 51% – over an additional three years
- RML may retain 49% interest by electing to participate from year six (6)
- If RML elects not to participate, OZL has the option to earn a 75% interest by sole funding and delivering a Positive Final Investment Decision to Mine
- Resolution remains Operator during the Earn-in period with technical input from OZL