Materials

MetalsGrove finds massive exploration target at NT Bruce Prospect

Wed 20 Jul 22, 1:43pm (AEST)
Drilling - RC Drill Rig - Pilbara - Australia
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Key Points

  • MetalsGrove geos find huge new electromagnetic target on NT acreage
  • Aggressive drilling planned following further surveys
  • Bruce prospect believed to contain range of high-value minerals including rare earths, copper-gold, lithium-cesium-tantalum

MetalsGrove (ASX:MGA) is itching to get drill rigs out on-site at the Bruce Prospect in the NT after discovering a huge new target on-site. 

The company reviewed existing magnetic data for the region with new technology, finding a large target previously missed. 

Running adjacent to the nearby Plenty River mine, the magnetic anomaly has features thought to relate to lithium pegmatites. 

New surveys before drilling 

A new 6000km line airborne magnetic survey will be launched over the company’s NT Arunta acreage in the coming weeks and months. 

This will better define the newly found target at Bruce and allow the company a chance to use modern tech to inform the drilling program. 

Data reviewed by the company came from the 2017-2018 Northern Territory Geological Survey. 

Drills will directly target the magnetic anomaly found at Bruce.

Where is the Bruce Prospect? 

The Bruce Prospect is located in the Central Desert Region of the NT covering an area of some 17,200ha. 

Thor Mining’s tungsten-molybdenum project is located some 10km to the northeast. 

A historical garnet mine once owned by Harts Range is located 80km west.

Magnetic survey imagery underlying the permit boundaries of MetalsGrove's acreage
Magnetic survey imagery underlying the permit boundaries of MetalsGrove's acreage.

What is the Arunta Project? 

MetalsGrove’s Arunta project is located some 300km from Alice Springs and prospective for rare earths, copper-gold, and lithium.

It is the company’s only NT acreage, with its other two projects being located in WA: Woodie Woodie North and Upper Coondina respectively. 

Both WA projects are south of Port Hedland. 

Company management delighted 

MetalsGrove managing director Sean Sivasamy describes delight with the new find at Bruce. 

“The broader Arunta Project is a highly mineralised region which has already demonstrated the potential to host [high-value minerals,]” Sivasamy said. 

“We are delighted with the results from our review of historic data, as it has confirmed the strong potential of the Bruce prospect.” 

MetalsGrove was a Market Index client at the time of publishing. All coverage contains factual information only and should not be interpreted as opinion of financial advice.

 

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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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