- On 26 June 2023, Rio Tinto Exploration Pty Limited and Tigers Dominion Group Pty Ltd executed a binding term sheet in relation to exploration licences 6341 and 6864 located near Coober Pedy in South Australia
- Previously, in 2021 TDG was successful in gaining South Australian Government funding through the Department of Energy and Mining’s competitive Accelerated Discovery Initiative exploration grants
- Then in 2022 TDG undertook exploration drilling of the Mt Brady project with the drill core providing geological and geochemical data justifying further exploration
Rio Tinto Exploration Pty Limited (RTX) and Tigers Dominion Group Pty Ltd (TDG) executed a binding term sheet in relation to TDG’S Mt Brady Project comprising exploration licences 6341 and 6864 located south-east of Coober Pedy in South Australia, on 26 June 2023.
The Mt Brady Project area contains geological elements compatible with known major mineral systems. While TDG has focused on exploring a complex zone of strongly remanent magnetised intrusive/skarn as a possible REE carbonatite target, the recent drilling, co-funded through the Government of South Australia – Department of Energy and Mining’s Accelerated Discovery Initiative grant, indicated the presence of magmatic sulphides in addition to anomalous copper and nickel in several sampled intervals, within a mafic intrusive sequence prospective for nickel.
TDG CEO John Barbante commented: “With emerging mineral prospects across the wider South Australian IOCG province, underpinned by expanding range of minerals and rare earths of economic interest, we are very pleased to continue on our Mt Brady Project exploration journey with Rio Tinto Exploration.”
The Farm-in to JV term sheet covers two farm-in stages across 5 years:
- Stage 1: RTX commits to sole funding exploration expenditure of A$800,000, including completion of at least 1,000m of drilling, within one year from land access, with TDG as exploration manager.
- Stage 2: RTX has a sole and exclusive right to earn a 75% joint venture interest in the project by sole funding further expenditure/drilling to complete:
- minimum total exploration expenditure of A$6,000,000;
- minimum of drilling of 4,000m;
- within five years from land access.