Astute Metals (ASX:ASE) and Fleet Space Technologies have begun a collaborative ambient noise tomography (ANT) geophysical survey on the Ranken tenements, within the Georgina Iron Oxide Copper Gold (IOCG) Project in the Northern Territory.
Fleet Space will conduct a two-stage ANT survey aimed at characterising the thickness of cover and explore for seismic velocity anomalies in sub-cropping basement rocks.
The ANT survey is anticipated to provide insights into the copper, silver, zinc, and lead exploration potential at Ranken, as well as provide information that is critical for future drilling.
Astute Metals, which has a market capitalisation of $16.96 million, says the survey will be completed by the end of the month, with final data expected to be returned in the fourth quarter of this year.
According to Geoscience Australia mineral potential maps, the Ranken tenements cover an area mapped as being “highly prospective” for sediment-hosted base metal mineralisation. This is due to the basement geology consisting of interpreted McNamara and South Nicholson Group rocks.
Meanwhile, Astute Metals has also secured an exploration grant from the Northern Territory Government Geophysics and Drilling Collaborations program for a versatile time domain electromagnetic max survey.
The grant comprises a maximum value of $100,000 to conduct the survey in the west of the Georgina IOCG Project.
Astute Metals says the survey, which will begin in mid-to-late September, is designed to explore for sulphide-rich copper deposits across most of EL32282.
The company considers the area being surveyed having “excellent” potential for mineralisation amenable to direct detection.
Further, as of 1 July 2024, a new framework for the environmental licencing of mining, including exploration, titled the Northern Territory Environment Protection Legislation Amendment Act 2023, came into effect.
Astute Metals had submitted a Mine Management Plan application to undertake drilling at the Leichhardt East target area, yet it has been advised that there is a two to three month wait time for the application to be approved.
The delay is due to a high number of submissions received by the territory government, which are yet to be assessed under transitional arrangements prior to the new act coming into effect.
As a result, the company has postponed the diamond drilling campaign at Leichhardt East until November 2024.
Astute Metals is a mineral explorer focused on the discovery and development of a new generation of critical metals projects located in tier one jurisdictions globally.
Write to Aaliyah Rogan at Mining.com.au
Images: Fleet Space
