- NTM Gold (NTM) has been granted mining lease M37/1348, which covers the Hub deposit at the Redcliffe Gold Project in WA
- The company applied for the mining lease in the first half of 2020 as it marks an important step towards the development of Hub
- NTM now has mining leases covering all of Redcliffe’s major deposits: Hub, Kelly, Bindy, Redcliffe, Nambi and GTS
- Detailed diamond drilling has begun at Hub to further test the deposit and ultimately upgrade the mineral resource estimate
- NTM is steady on the market and shares are trading at 16 cents
NTM Gold (NTM) has been granted mining lease M37/1348 which covers the Hub deposit at the Redcliffe Gold Project.
The Redcliffe Gold Project lies between 45 to 60 kilometres northeast of Leonora in the Eastern Goldfields of Western Australia.
NTM applied for the 15-square-kilometre mining lease (ML) in the first half of 2020 as it marks an important step towards the development of Hub.
The company now has mining leases covering all of Redcliffe’s major deposits, Hub, Kelly, Bindy, Redcliffe, Nambi and GTS.
Detailed diamond drilling has now begun at Hub to further test the deposit and increase the understanding of the grade distribution to upgrade the mineral resource estimate.
In May, a maiden inferred mineral resource was announced which reads 890,250 tonnes at 4.9g/t gold for 140,822 ounces.
“The granting of the ML over Hub is a key approval to enable the potential development of the deposit, and timely given the recent announcement of the merger between NTM and Dacian Gold,” Managing Director Andrew Muir commented.
“Infill drilling will allow an updated mineral resource estimate at Hub, with a focus on the near surface high-grade mineralisation,” he said.
“The updated resource will be a key plank in enabling the merged group, subject to shareholder approval, to build momentum and maximise the benefits of the combined asset base,” he added.
Additionally, NTM is waiting on results from a reverse circulation program completed late last year. These are expected to be received and reported on in due course.
NTM is steady on the market and shares are trading at 16 cents at 1:38 pm AEDT.