Terra Uranium completes acquisition of high-grade tin-silver-gold projects in NSW

Terra Uranium (ASX: T92) has completed the acquisition of private company LCT Metals, which holds high-grade tin-silver-gold exploration licences in the New England region of New South Wales.

The licences, which include the historic Ottery tin mine, the Castle Rag silver project and the Mole River silver-tin project, expand the company’s portfolio beyond uranium in Canada’s Athabasca Basin for the first time.

The Ottery tin mine was once the largest hard rock tin producer in the New England region, producing around 2,700 tonnes of tin oxide at an average grade of 2%.

Evaluation work

Executive chair Andrew Vigar said evaluation work would now start on the projects’ historical exploration results.

“Exploration completed by LCT since 1980 has highlighted significant past drilling results for tin, gold and silver,” he said.

“We have now commenced evaluating this past work with a view to planning and permitting for further field activities, which will be followed up with maiden drilling.”

Historical exploration

Terra has prioritised a detailed overview of primary mineralisation styles discovered by various operators in the New England region over the past 150 years.

The company will fund its initial work, including the compilation of historical and existing data, and the planning of follow-up exploration, with the proceeds of the $500,000 share placement it completed in March.

Mr Vigar said the company’s immediate focus would be on the start of site access discussions and planning for maiden drilling at Ottery’s high-grade zones.

Largest producer

The Ottery tenement abuts the Taronga tin project being developed by First Tin, which is 29.9% owned by Metals X (ASX: MLX).

In 1981, the Electrolytic Zinc Company of Australasia – now a part of Rio Tinto (ASX: RIO) – gained exploration rights in the Ottery region and conducted geophysical surveys and geochemical sampling near the mine, culminating in the drilling of two targets with a best reported assay of 6 metres at 0.3% tin.

Central West Gold also explored the site from 1992 to 2013, during which time a 20-hole drilling campaign returned best results of 66m at 0.52% tin from 27m, including 14m at 1.52% tin from 54m and 24m at 2.01g/t gold from 48m, including 3m at 11.25g/t from 48m.