Tivan (ASX:TVN) has upgraded its Sandover Project in the Northern Territory to a ‘strategic priority’, following the progress made over the past year in partnership with EARTH AI.
Since starting the exploration alliance with EARTH AI, Tivan, which has a market capitalisation of $80 million, says the agreement has materially surpassed key performance indicators in the first year and has the potential to generate ‘significant’ enterprise value.
As a result, Sandover will feature more prominently in forward-looking budgetary and human resources decisions at the company.
“As I conveyed at our investor briefing on Friday, Sandover is creating much excitement at Tivan,” Executive Chairman Grant Wilson says.
“Beyond the high-quality drill targets that have been identified, AI is proving itself in the field as a highly amenable and disruptive technology. In Earth AI’s capable hands, Sandover is shaping as a case study in systematic, low-cost, low impact minerals exploration across vast and highly prospective terrain.”
The company is in the final stages of preparing its Mining Management Plan (MMP) for Sandover. The MMP addresses environmental, social and regulatory considerations, and promotes the highest standards of operational integrity while advancing exploration targets in an efficient manner.
Tivan has engaged privately-held environmental engineer CDM Smith to complete the environmental desktop assessment of the biodiversity values within EL33105 and EL33099. The assessment allows for the company to progress with the MMP application, which is scheduled to be submitted in the coming weeks.
Further, Tivan intends to submit several grant applications for prospects within Sandover for the Geophysics and Drilling Collaboration (GDC) program funded by the Northern Territory government.
All of the prospects within Sandover meet the eligibility criteria.
Tivan anticipates being notified in June 2024 on the outcomes of these applications.
Sandover lies 100km north of Alice Springs and covers a 8,000km-square area.
Tivan is a minerals explorer focused on the global renewable energy transition, with assets in Northern Australia.
As of 31 December 2023, the company had $2.86 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Tivan
