TNG (ASX: TNG) has boosted its exploration footprint in the Northern Territory by securing a new exploration license which is highly prospective for copper - highlighted by historic rock chip results from 5% to 21%.
The new license is strategically located just 3 kilometres north of the Mount Hardy copper field, and includes significant outcrop and undercover extensions of the Lander Group rock formation, which hosts copper and gold mineralisation in the area.
Paul Burton, managing director, said the new licence had been secured as part of the company’s ongoing search for highly prospective areas to further expand its exploration portfolio in the Northern Territory.
“This new tenement contains highly prospective copper exploration targets in a region that is relatively underexplored due to transported cover material, but has demonstrated geological potential to host significant copper mineralisation.”
The license covers a total area of 220 square kilometres.
The new projects represent a significant addition to the company's Northern Territory minerals portfolio, providing a new exploration target for copper alongside its wholly owned McArthur copper project and the Mount Peake Project licences, where significant copper mineralisation also occurs near its large vanadium deposit.
TNG is set to hit the ground running in the new year, with copper exploration activities to accelerate in 2012, alongside its plans to progress the Mount Peake Vanadium Project.
Old Park Lane Capital lifts target price to A$0.45 per share
Adding some interest to TNG, just last week UK broker Old Park Lane Capital lifted its target price to A$0.45 per share.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/22836/tng-secures-northern-territory-license-hosting-historic-21-copper-rock-chips-22836.html
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