Astute Metals (ASX:ASE) has partnered up with Fleet Space Technologies to conduct an ExoSphere ambient noise tomography (ANT) geophysical survey across the Ranket area, within the Georgina Iron Oxide Copper-Gold (IOCG) Project in the Northern Territory.
Under the partnership, Fleet Space will take up an equity interest in Astute, though a share subscription agreement. Astute will issue 8.5 million shares at $0.047 per share, valued at $400,000. The issue price represents a 67% premium to the last closing price of shares on 6 June.
Fleet Space will also conduct a two-stage ANT survey aimed at characterising the thickness of cover and explore for seismic velocity anomalies in sub-cropping basement rocks.
Astute Chairman Tony Liebowitz says Fleet Space’s equity investment is a strong endorsement of the company’s projects, leadership, and exploration approach.
“The Ranken collaboration brings Astute one step closer to unlocking the discovery potential of the broader Georgina Project,” he says.
The ANT survey, which is scheduled to begin in August, is anticipated to provide insights into the copper, silver, zinc, and lead potential at Ranken. Results are expected to be received in Q4 2024 and will be used to design a maiden drillhole at Ranken.
Astute, which has a market capitalisation of $11.13 million, says the survey may identify zones of higher prospectivity within the McNamara Group host rocks. The higher resolution will be located using results from the survey, once completed, in parallel with gravity survey data.
Fleet Space CFO Federico Tata-Nardini says both companies are redefining mineral exploration via innovative integration of space technology and exploration for critical minerals.
“Fleet Space’s cutting-edge technology applied in partnership with Astute;s mineral exploration expertise has the potential to unlock significant discovery value in the prospective Georgina Project,” he says.
“Fleet Space’s real-time exploration technology, ExoSphere, is powered by space and AI to accelerate exploration with unparalleled speed, scale, and precision. This technology revolutionises resource exploration, opening the door to faster discoveries and precise drilling operations while minimising environmental impact.”
ExoSphere delivers real-time 3D subsurface mapping, optimising drilling targets, and accelerates the discovery of critical minerals via space and artificial intelligence.
The technology uses ANT and supports the global energy transition by creating a faster, most sustainable and scalable route to find major critical mineral deposits.
The Ranken area basement geology comprises interpreted McNamara and South Nicholson Group rocks. The McNamara and its equivalent are known to host several “large-scale” base metal deposits.
The Georgina Project consists of 10 granted exploration licences covering 4,552km2 in the East Tennant Mineral Province of the Northern Territory.
Write to Aaliyah Rogan at Mining.com.au
Images: Fleet Space
