Vital Metals granted new QLD tenement
THE DRILL SERGEANT: Vital Metals (ASX: VML) has been granted a new tenement, EPM 25139, by the Queensland Department of Natural Resources & Mines.
The EPM covers 10 square kilometres and contains the historical Peninsula copper prospect, which has returned grades from grab samples of up to 17 per cent copper.
Vital Metals Watershed project tenements. Source: Company announcement
Vital said it was excited with the addition to its exploration portfolio of what the company considers to be longer-term development opportunities once it has its Watershed tungsten project in production.
“Whilst our key focus is on moving Watershed towards production, we are thrilled to have secured this EPM, where we have observed copper mineralisation at surface and in excavated dumps,” Vital Metals managing director Mark Strizek said in the company’s announcement to the Australian Securities Exchange.
“Grab samples of mineralisation taken by Vital geologists have returned extremely high grades of secondary copper mineralisation which is indicative of an underlying sulphide body.
“If proven, this tenement may add further value to the proposed Watershed mining operation, where we’re now nearing completion of a Definitive Feasibility Study.”
Vital has recently secured two other tenements in close proximity to Watershed it considers to offer further potential to add to the company’s resource base.
The new tenement in located within the Watershed project Joint Venture area and contains the Peninsula copper prospect, where a Mining Lease application made in 1957 and held from 1974 to 2010.
Due to the age of the prospect, however, Vital explained it has not been able to locate any records of previous exploration, as records were not typically held prior to 1950.
Vital Metals intends to commence exploration within the new tenement as part of its 2014 field program, starting with mapping and sampling following the end of the wet season.
Email: vital@vitalmetals.com.au
Website: www.vitalmetals.com.au