NewPeak Metals (ASX:NPM) has executed a sale and purchase agreement with privately held Yacimiento to acquire the Treuer Range Uranium-Vanadium Project in the Northern Territory.
The Treuer Range Project lies in the Ngalia Basin and surrounds the Bigrlyi deposit, which has an indicated and inferred resource of 7.5 million tonnes @ 0.13% triuranium octoxide and 0.119% vanadium oxide has been defined within the Mount Eclipse Sandstone.
Under the acquisition, NewPeak Metals will pay $350,000 by way of issuing 23.33 million shares at $0.015 per share to the vendor. The company will also grant a 2% net smelter royalty to the vendor, with buyout provisions favourable to NewPeak.
An initial payment of 6.66 million shares will be paid to the vendor immediately, and the remainder once the permit has been transferred to NewPeak.
NewPeak is planning to undertake exploration at the project, with the aim of defining a JORC mineral resource. The exploration program will include a detailed review and evaluation of historic exploration, including a reinterpretation of geochemical, airborne, and ground geophysical and drillhole-derived data.
The company will also conduct reconnaissance geochemical sampling, scintillometer transverse and broad-scale geological mapping. Geochemical samples will be submitted for multi-element analyses, including a suite of indicator elements for Bigrlyi-style uranium-vanadium.
Meanwhile, priority areas will be followed up with wide-spaced, low-detection soil sampling, and areas with shallow cover tested by trenching, RAB or aircore drilling.
NewPeak will also conduct ground geophysical surveys over potential areas to better define geology and mineralised zones. A reverse circulation drilling program will also test the mineral potential at priority areas and improve the geological understanding.
Further, infill reverse circulation and diamond core drilling will be conducted to define resources and obtain samples for metallurgical testwork.
NewPeak expects to begin these activities in the second half of this year, subject to statutory approvals.
The company says this acquisition marks the next step of its rejuvenation plans in entering the strategic critical minerals space.
In February 2024, NewPeak entered into a binding term sheet with a Canadian unlisted company CANCO to sell 100% of its interest in its Finnish subsidiary companies, NewPeak Finland Oy and Kultatie Holding Oy, which held gold permits in Finland.
This was also a part of the company’s rejuvenation plan, which began in early January 2024.
Since then, the company has divested its gold permits in New Zealand and strategic mineral permits in Sweden, while also acquiring new exploration opportunities focusing on critical and battery minerals.
Write to Aaliyah Rogan at Mining.com.au
Images: NewPeak Metals
