TUC Resources has increased its landholding in the Stromberg heavy rare earth district of the Northern Territory to nearly 3,000 square kilometers with a binding agreement to acquire ELA28448 from Fisher Resources. This is a strategic acquisition as it effectively secures TUC’s landholdings over what it considers all the major HREE indicative geophysical anomalies in the district.
The ELA28448 tenement hosts a large radiometric anomaly interpreted to have a similar geological setting to TUC’s nearby Stromberg and Scaramanga HREE prospects and may be a repetition of the same HREE mineralized system.
Recent drilling at Stromberg and Scaramanga has returned significant near surface HREE intersections including 5 meters at 0.43% total rare earth oxides from 6 meters.
Tenement swap;
The acquisition will be settled by way of straight forward tenement swap for TUC’s ELA24976 tenement located in the Tennant Creek area about 1000 kilometers south of the Stromberg area. The tenement is considered by TUC to be prospective for phosphate and is not considered to be part of the company’s focus moving forward.
Stromberg HREE District tenements;
Highlighting the potential of the Stromberg HREE District tenements, new drilling at the Stromberg prospect has proven the continuity of higher grade zones over 2 kilometer strike length with step out drilling significantly increasing the mineralized envelopes.
TUC’s Stromberg holds a top position in terms of HREE distribution with a HREE to typical light rare earth element ratio of 85%. The company has outlined an initial exploration target of 0.6 million tonne to 1.5 million tonnes at between 0.33% and 0.45% TREO.
Meanwhile, the Scaramanga discovery has upside being located within a short distance of Stromberg and it demonstrates the broader district potential. First pass broad spaced drilling at the Scaramanga prospect has successfully defined mineralization in the same geological setting to Stromberg.
Last month TUC was granted verbal consent by Traditional Aboriginal Land Owners for exploration to begin on the Skyfall tenement, which is also considered highly prospective for HREE. The tenement is known for the two very large radiometric anomalies each around 8 kilometers long and 1 kilometer wide which highlight the Skyfall and Largo prospects. Both prospects have very similar geology to TUC’s nearby Stromberg and Scaramanga HREE prospects and are interpreted to be much bigger repetitions of the same HREE mineralized system.
Source - Proactive Investors.com
(www.steelguru.com)
