Tectonic Resources NL (ASX:TTR) Extends Ravensthorpe Land Holding With Traka Resources Limited (ASX:TKL).
The new package is 4km NE of Ravensthorpe and contains numerous historical underground mines including Mt Benson East, Contest, Mary, Emily Hale, and Lady Nina.
The area lies within the Archaean Annabelle Volcanics proximal to the Chidnup fault zone, similar to the copper/gold Kundip mineralization that forms part of Tectonic's recently announced Philips River Project (PRP) Definitive Feasibility Study (DFS). Limited modern exploration has taken place over this historic mining area and potential remains to add significant value with limited drilling.
Tectonic's Managing Director, Jason Stirbinkis added "The package increases the Company's strategic position within the region and Tectonic now hold tenure over most of the Ravensthorpe mineral field. We have recently announced the PRP DFS which includes the Kundip mineralization. We are expecting this new package to further enhance project economics through potential additional Kundip style mineralization"
The principal terms of the Option Agreement with Traka are as follows:
- Upon payment of the sum of A$50,000 Tectonic will have a three year Option Period during which it may elect to acquire Traka's interests in the area being 100% interests in some tenements and 90% interest in others where third party interests hold the remaining 10% equity.
- Tectonic may exercise the Option at any time in the three year Option Period by giving notice of such election to Traka. The exercise price will be at Traka's election either be the payment of A$1 million in cash or issue to Traka 5 million fully paid Tectonic shares.
For the complete Tectonic Resources NL announcement including figure, please view the following link:
About Tectonic Resources NL:
Listed on the Australian Stock Exchange, Tectonic is a West Australian-based resources company focused on developing its 100% owned Phillips River Project located near Ravensthorpe in southern Western Australia. Phillips River hosts a rich inventory of gold, silver and base metals, which are the target of Tectonic's exploration and evaluation activities.
With a highly prospective, untapped location at Phillips River and a Board and management team of experienced and determined mining-industry professionals, Tectonic is well placed to realise returns for shareholders.
Tectonic has already proven its ability as a producer in the region, having successfully mined the RAV 8 nickel deposit in the Ravensthorpe area until the reserve was exhausted in 2007.
Copyright 2011 ABN Newswire
Provided by Syndigate.info an Albawaba.com company
|Printer friendly Cite/link Email Feedback|
|Date:||Feb 15, 2011|
|Previous Article:||Australian Market Report of February 15, 2011: Petsec Energy (ASX:PSA) Announce Final Investment Approval For Oil Field Project In China.|
|Next Article:||Adelaide Energy Limited (ASX:ADE) Holdfast-1 Weekly Drilling Report Ended 15 Feb 2011.|