DeSoto Resources (ASX:DES) expects to start drilling at the recently acquired Spectrum Copper-Rare Earths-Gold Project in August.
The Northern Territory-focused explorer has completed legal, financial, and technical due diligence on the project and is now undertaking a ground electromagnetic (EM) survey.
The EM survey is designed to tighten up drill targeting on four conductor plates that have relatively high modelled conductivities and shallow depths of less than 135m.
DeSoto says the geophysical responses observed so far are indicative of semi to massive sulphide accumulations.
The company has committed to spending $2 million on exploration at the Spectrum Project within the first 15 months.
Drilling will start once the EM survey has been completed.
DeSoto secured $228,000 in grants from the Northern Territory Government earlier in June to undertake drilling at the Vesper polymetallic target at Spectrum, as well as drill test the new Fenton South gold target.
Exploration planning is underway focusing on land access agreements to pave the way for the submission of mining management plans for drilling to the Northern Territory Mines Department.
DeSoto says its due diligence has confirmed there are no registered Aboriginal Land Claims or environmental concerns over the licence area.
The company has completed all the conditions precedent for the acquisition.
Write to Angela East at Mining.com.au
Images: DeSoto Resources
