Taruga Minerals secures government funding to explore for IAC REE and copper at Mt Craig

Taruga Minerals (ASX: TAR) has secured $650,000 in funding from the South Australian Government for exploration of ionic adsorption clay (IAC) style rare earth elements (REE) and copper at its Mt Craig project.

The funding falls under the state’s Accelerated Discovery Initiative (ADI) which is aimed at fast-tracking new discoveries for key minerals in regional and frontier provinces using innovative technologies and concepts.

As part of this, $325,000 was granted for IAC REE exploration and the other $325,000 was for copper at the project. .

Chief executive officer Thomas Line said Taruga was one of 13 companies to be awarded the grants.

“We are extremely pleased to have secured this highly-competitive funding for exploration at our massive Mt Craig project which now spans more than 850 square kilometres and remains largely unexplored,” he said.

Morgan’s Creek prospect

Clay-hosted REE were discovered by Taruga during exploration for copper last year at the Morgan’s Creek prospect.

The geological setting expands across a significant portion of Mt Craig, however there is no history of previous targeted REE exploration drilling at the project.

“This government funding represents validation of the huge potential for Mt Craig to host significant clay-hosted REE deposits and will help accelerate the development of these targets,” Mr Line said.

Copper exploration

The other $325,000 from the state government covers exploration for central Africa-style sediment-hosted copper at the project.

Work will follow-up on results from the Wyacca prospect, where the company discovered high-grade sediment-hosted copper during maiden drilling last year.

The mineralisation is believed to be concentrated in the basal unit of the Tapley Hill formation which strikes for over 58km within the project and remains largely unexplored.

Mt Craig also includes the Birthday Ridge target where extensive sediment-hosted copper mineralisation discovered by historical explorers from surface and is yet to be followed up.

The target is hosted within the Niggly Gap Beds, which are exposed for many square kilometres within the project and are also unexplored.

The Tapley Hill formation and Niggly Gap Beds collectively have more than 70km of strike through the folded geology at Mt Craig.