Tivan (ASX:TVN) has signed a binding term sheet with Investigator Resources (ASX:IVR) and Thor Energy (ASX:THR) to acquire six tenements that will form the Sandover Fluorite Project.
The tenements are located 230km north-east of Alice Springs and 8km east of Tivan’s existing Sandover Project.
The acquisition follows a comprehensive internal assessment by Tivan’s geology team in Q3 2024 of areas considered prospective for fluorite mineralisation across Australia.
Tivan says the new project further strengthens its fluorite exposure, offering an early stage exploration asset to complement the more advanced Speewah Fluorite Project in the East Kimberley region of Western Australia.
The tenements form part of the Molyhil joint venture between subsidiaries of Investigator and Thor . Investigator currently has a 25% JV interest in EL22349 and the mining leases with rights to earn up to a total interest of 80%.
Additionally, the parties have agreed to the key terms of a mineral sharing agreement that recognises the mutually exclusive mineral focus of the respective companies.
The agreement will allow Tivan to explore for fluorite in an area along the northern boundary of EL22349 outside of the acquisition area and allows the joint venture partners to explore for minerals other than fluorite on Tivan’s acquired tenements – both rights are subject to standard operational non-interference provisions.
Meanwhile, Investigator Resources has entered into a binding agreement with Tivan to sell a soon-to-be subdivided area of the Mount Sainthill exploration licence.
Investigator Managing Director Andrew McIlwain says during a conversation with Tivan’s head of northern Australia at the NT Resources Conference he recently attended in Darwin, the fluorite potential on the Mt Sainthill exploration licence that surrounds the Molyhil project was discussed.
“Tivan are advancing the Speewah fluorite project, Australia’s only JORC fluorite resource and hold tenements north of the Mount Sainthill exploration licence, which they refer to as their Sandover Project, with fluorite identified close to the northern boundary of the Mt Sainthill exploration licence,” McIlwain says.
“Fluorite mineralisation, first discovered in 1970, occurs on the Mt Sainthill exploration licence, and a number of the mining leases associated with historic production remain.
“The deal with Tivan came together quickly and has provided an opportunity to maximise the fluorite potential within the region for Tivan, whilst maintaining Investigator’s ability to explore for other commodities. Tivan have been respectful of Investigator’s desire to maintain and pursue the tungsten opportunities in the area and present as a company with similar goals as Investigator in maximising the development opportunities in this under-explored region of the Territory.”
Importantly, the cash consideration enables Investigator to continue to pursue its key exploration and development objectives, he adds.
Write to Adam Orlando at Mining.com.au
Images: Tivan
