Tivan (ASX:TVN) is planning for a maiden drilling program to be carried out in Q2 2024 at its wholly owned Sandover Project in the Northern Territory.
The $99.22 million market capitalisation company says drill targets have been defined at 3 initial copper and lithium prospects. These targets were defined through high-resolution infill work.
Executive Chairman Grant Wilson says the company has secured a clean title, uncovered ‘highly prospective’ targets and designed a maiden drill campaign in less than a year.
“We are firmly on this track, and excited to be on the cusp of delivering results at a highly prospective greenfield project in the Territory.”
At the first drill target, Tivan plans to test the hypothesis of structurally controlled iron-oxide-copper-gold style mineralisation and drill up to 2 holes for 600m.
Drilling at the second target will focus on testing the hypothesis that may be economic lithium-caesium-tantalum (LCT) pegmatites. Tivan plans to drill 2 to 4 holes for 600m.
Meanwhile at the third target, drilling will test the hypothesis of this target having a proto-porphyry copper system. The company will drill 3 to 5 holes for 600m.
Tivan is currently finalising an application for round 17 of the Northern Territory Government Geophysics and Drilling Collaborations program to support funding this drill program.
The Sandover project lies 100km north of Alice Springs in the Northern Territory and covers an 8,000km-square area. Tivan entered into an Exploration Alliance agreement with EARTH AI in March 2023 to advance exploration at the project.
Tivan is a critical minerals-focused company that is working to define a ‘bold, new’ era in the global renewable energy transition.
As of 30 September 2023, the company had $2.025 million cash and cash equivalents at hand, according to its latest quarterly report. Post-quarter-end Tivan received $850,000 from a R&D rebate and conducted a $2 million placement.
Write to Aaliyah Rogan at Mining.com.au