Year in Review: NT Minerals delivers a year of exploration and internal changes in 2022

NT Minerals (ASX:NTM) has performed well in 2022, progressing its projects in the Northern Territory and South Australia and making changes to the internal operations within the company.

The Australian-based copper exploration company has worked to advance its Redbank Project on the eastern side of the McArthur Basin.

Strategically located on tenure that spans an area from the Northern Territory/Queensland border west towards Glencore’s McArthur Mine, Redbank has been described as the pathway to unlocking an economic copper resource in a major under-explored metal rich basin.

1H 2022 saw a change of the guard at NT Minerals

In late January this year, the company announced it had strengthened its management team with the appointment of new Managing Director, Hugh Thomas, a veteran in the mining industry with over 35 years of experience having held several executive management and consultancy positions across the natural resources sector.

It was also at this time that NT Minerals announced the resignation of its Executive Director, Michael Hannington, who advised he would be stepping down as a Director to ensure a board size more appropriate to the company.

During February, the company delivered results from Q4 2021 drilling of Induced Polarisation (IP) anomalies and structural copper (Cu) targets east of the Bluff Copper Deposit.

Hole 21BE025 intersected 7m at 0.37% Cu from 108-115m; while hole 21BE030 returned 1m at 1.6% Cu from 185m.

These results demonstrated that copper mineralisation exists at a horizontal contact outside of the known breccia pipe mineralisation.

By April, the company received firm commitments for a $4 million placement (capital raising) to underpin the 2022 field season of its exploration programs and associated study work at its Redbank tenement.

The capital raising was conducted at $0.035 per share, which represented a discount of 20.2% to the 15-day Redbank VWAP.

NT Minerals ended the first half of the year with its announcement that its shareholders voted overwhelmingly in support of changing the company name from Redbank Copper to NT Minerals.

At the end of the first half of 2022, NT Minerals had $3.591 million cash at hand.

2H 2022 a resounding success with exploration

In early July, NT Minerals reported the commencement of Reverse Circulation (RC) drilling on a large-scale regional airborne electromagnetic target (VTEM target), located northeast of the historical copper resource at the Bluff deposit, as part of its Redbank tenement in the Northern Territory.

Drilling was also planned to investigate ‘significant’ copper, bismuth, antimony, manganese soil anomalism at the project’s Calvert prospect over a 40km corridor.

Drilling was also planned to investigate ‘significant’ copper, bismuth, antimony, manganese soil anomalism at the project’s Calvert prospect over a 40km corridor

Later in the July quarter, NT Minerals announced the second resignation from its company, with the departure of Non-Executive Director, Dale Henderson, following his appointment as Chief Executive Officer (CEO) of Pilbara Minerals.

By August first round of drilling had been completed on the regional 5km wide VTEM target hosted at the Redbank tenement, and the drill rig had been moved to the Calvert South prospect.

Results from the drilling demonstrated sediment-hosted copper and zinc mineralisation was present at the target, which warranted the start of ground-based geophysics and regional soil sapling programs to strengthen drill targets and contribute to the definition of new targets through surface geochemistry.

The company ended the September quarter with $1.535 million cash at hand and was well on its way with exploration at its Redbank tenement.

During early October, drilling at the Calvert South prospect confirmed the presence of elevated copper-in-soil anomalism up to 1,902ppm positioned proximal to the Calvert Fault zone, which was interpreted as a potential fluid pathway for mineralising brines.

NT Minerals Managing Director Hugh Thomas said at the time that the first batch of soil assay results supported its increasing belief that the Calvert Fault is fundamental to sediment-hosted copper mineralisation at the Calvert South prospect.

Later in the quarter, things got even better for the company as it had received final assay results from the 2022 field season drilling at its Redbank tenement.

This program of RC drilling had comprised over 5,000m of RC drilling over 22 drillholes across 3 separate target areas, the Calvert South prospect, the VTEM target and the Prince prospect.

Single metre drilling assays returned up to 0.93% copper at Calvert South and 1.17% zinc at the VTEM anomaly from carbonates and shales of the Wollogorang Formation.

‘Significant’ intercepts recorded by NT Minerals included hole 22CT03 with 5m at 0.32% Cu from 7-12m; hole 22CT05 with 3m at 0.38% Cu from 116-119m; and hole 22CT03 with 1m at 0.33% copper from 107m.

In conjunction with drilling at the Calvert South and VTEM anomaly, the company continued to focus on regional soil sampling at the Redbank tenement for the remainder of the 2022 season to enhance the understanding of target horizons.

The company will continue to strengthen future drill targets while analysing project-wide multi-element geochemical signatures to locate unique identifiers for copper mineralising systems at it heads into the new year as well.

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.