Resolution Minerals (ASX: RML) says it is building its company mantra of “hunting for giants — in big country” with the potential acquisition of a second battery metals project in the Northern Territory,
The company has taken a 12-month option to purchase the Benmara Station tenement from Strategic Energy Resources (ASX: SER).
Strategic Energy Resources, for the option, will receive 2.5 million new Resolution shares.
The outright purchase will involve issuing the vendor another $250,000 worth of Resolution shares.
Benmara is prospective for copper-silver-lead-zinc and cobalt, as well as uranium and iron oxide copper gold.
The planned acquisition is located southwest of Resolution’s Wollogorang copper-cobalt project that lies just inland from the Gulf of Carpentaria.
The company’s other “giant” possession is the 64North project in Alaska that surrounds the Pogo mine, owned by Northern Star Resources (ASX: NST) which has so far produced four million ounces (Moz) of gold at an average grade of 13.6 grams per tonne. Pogo has a total endowment of 10 Moz of gold and is currently producing at a rate of 300,000 ounces per annum.
Along strike from known deposits
Benmara is located 663km along strike from the Walford Creek copper-silver-lead-zinc-cobalt owned by Aeon Metals (ASX: AML) and the large Westmoreland uranium target controlled by Canadian-listed Laramide Resources.
Resolution adds that other major and mid-tier mining companies operating the the area include South32 (ASX: S32), Rio Tinto (ASX: RIO), BHP (ASX: BHP), Newcrest Mining (ASX: NCM) and OZ Minerals (ASX: OZL).
Resolution says it will outline the copper potential of Benmara and Wollogorang next month.
At Benmara, there are targets identified by previous explorers and the drilling will focus on shallow exploration.
Managing director Duncan Chessell says Benmara is seen as complementary to Wollogorang.
“The geographic location will allow [Resolution Minerals] to focus our Australian efforts on battery metals in the Northern Territory in 2021,” he added.
“This fits in with our company mantra of ‘hunting for giants — in big country’ with gold in Alaska at our flagship 64North project and copper in the Northern Territory.”