Resolution Minerals (ASX: RML) has completed the first round of drilling on large-scale battery metal targets at its Benmara copper-uranium project in the Northern Territory.
The 15-hole program over 2,892 metres was designed to test large-scale targets derived from a versatile time domain electromagnetic (VTEM) geophysics survey completed earlier in the year, which identified conductive units that can act as “trap sites” for battery metals or uranium mineralisation.
It also aimed to test the VTEM survey modelling and prove that the reductive trap site rocks or pyritic shales are present in dimensions for large-scale deposits to form.
This would then open up the potential along the entire margin of the South Nicholson Basin for battery metal deposits to form.
Drilling confirmed the potential for Benmara to contain sediment-hosted stratiform copper and other battery metals including silver, lead, zinc and cobalt as well as unconformity-style uranium.
First round targets
Targets for the first round of drilling were positioned on the margin of the South Nicholson Basin and Murphy inlier along the Fish River Fault.
They are analogous to and along strike from the polymetallic Walford Creek deposit owned by Aeon Metals (ASX: AML) and hosting 40 million tonnes at 2% copper equivalent.
The targets are also nearby to the Westmoreland uranium deposit owned by Laramide Resources (ASX: LAM).
Last month, Resolution signed an agreement with Cedar Resources Pty Ltd to acquire two exploration tenements bordering the Benmara project and boosting its total landholding to 2,230 square kilometres.
Consideration for the purchase was $50,000 paid to Cedar in Resolution shares, based on the five-day volume weighted average price prior to 25 September.
Resolution has also lodged applications for an additional two tenements in the area, which will add a further 1,025sq km once granted.
Resolution managing director Duncan Chessell said both acquisitions will create a “dominant ground position” to test for large-scale battery metals and uranium deposits.
Samples from the first round have been submitted to ALS Laboratories for assay and Resolution expects a six-week turnaround on results.
In the meantime, the company is considering the possibility of further drilling programs at Benmara.