Rapid Critical Metals (ASX:RCM) has announced the acquisition of an 80% controlling interest in Green Copper, the owner of the Tooloom Silver Project in New South Wales — a 121km2 project in a historic silver district.
The acquisition adds multiple, drill-ready targets in silver, gold, copper, and antimony within a structurally controlled, intrusion-related polymetallic system.
The total consideration of the 80% acquisition is $100,000 in cash and $100,000 in Rapid shares, issued at the five-day volume weighted average price and subject to a three-month escrow period.
Under the terms of the deal, Rapid is required to spend a minimum of $750,000 on exploration over three years.
Managing Director Byron Miles says that the acquisition materially expands Rapid’s silver exposure in New South Wales and adds a project with “multiple high-grade targets already identified”.
“With strong historical drill intercepts, high-grade surface results, and clear follow-up opportunities, Tooloom has the potential to become an important complement to our existing Webbs and Conrad projects.”
Historical drilling at Tooloom has retired strong, ‘high-grade’ silver results including 2m @ 294 grams per tonne silver equivalent from 26m, 2m @ 145g/t silver equivalent from 53m, 1m @ 341g/t silver equivalent from 29m, and 1.1m @ 150g/t silver equivalent from 105.9m.
The project also has numerous surface results that are not yet drill tested, including 1,660g/t silver at Silver King North, 969g/t silver at Silver King South, 730g/t silver at Wongabah, 671g/t silver and 7g/t gold at Philippines Block, and 570g/t silver and 26.4g/t gold at Cullens.
Rapid has plans in place to continue the current exploration program with near-term work including a LiDAR survey to identify additional workings and reef trends, additional surface sampling across walk-up drill targets to refine target definition, an assessment on surface geological methods for drill targeting, and follow-up drilling across silver and gold targets.
Rapid Critical Metals is an exploration company focused on silver and critical mineral assets in Australia and Canada.
Write to Amy Rotman at Mining.com.au
Images: Rapid Critical Metals
