Terra Uranium Identifies High-Grade Silver Mineralisation at Castle Rag Project
The decision by Terra Uranium (ASX: T92) to add Australian precious and critical metals to its Canadian uranium and US rare earth assets is off to a positive start with the company identifying high-grade silver mineralisation at the Castle Rag project in New South Wales.
Terra added Castle Rag to its portfolio in April, when it acquired LCT Metals and two exploration licences in the state’s New England region.
Castle Rag has a confirmed strike of more than 7 kilometres in length, and the company is planning to process further data in the lead-up to drilling on the high-grade zones.
Desktop Study Data
Desktop studies of data from Castle Rag had already uncovered historical results such as 1,670 grams per tonne silver, 445 g/t silver, and 1.12% copper.
More recent exploration in the area has returned up to 18.9% lead and 266 g/t antimony, and there was also 4,000t of historical production from the Castle Rag silver mine, including 48t of silver and 692t lead.
Terra believes Castle Rag could prove to be a much larger version of the Webbs mine, which produced a total of 5.5t silver.
Extensive Strike Identified
Terra reported in early August that it had identified mineralisation over a strike length of 3.5km along the granite contact and then extending a further 500m as tin stockwork to the north at the Deepwater project, another of the NSW projects it acquired earlier this year.
Further studies of historical drilling results at Deepwater also identified silver, tin, tungsten, and molybdenum.
T92’s initial exploration program following the acquisition will entail field validation of existing data, and planning of follow-up exploration during the third quarter.
This will include further LiDAR or open file geophysics review and remote sensing.
Ottery and Mole River
The NSW additions include the Ottery tin mine, the largest hard rock tin producer in the region, producing around 2,700t.
Historical drill data showed the Ottery mineralised zone to be at least 300m long, 30m wide, and extend vertically for at least 120m.
The company has also confirmed that the Mole River project has a strike length of 13km with 6km of known mineralisation, covering a large area with both tin and silver base metal zones.
The tin zone at Mole River includes the historic Silent Grove mine, with 24 outcrops with samples of approximately 30g/t silver as well as lead over 13km of strike also reported.
US Rare Earth Addition
Terra also recently added the search for in demand US rare earth element (REE) assets under an expanded agreement with leading exploration services company Axiom Group.
The two companies have been working together on Canadian uranium plans since October 2024, when Terra signed option agreements over various assets with ATHA Energy.
The expansion of the Axiom agreement comes at a time when the US government is funnelling major investment into home-grown REE and critical minerals opportunities.