- Australian resources company TNG (TNG) acquires the Sandover lithium project in the Northern Territory
- The project comprises two large tenement packages TNG says are highly prospective for lithium-bearing pegmatites
- TNG bought the project from private Northern Territory-based prospectors for $25,000 per licence, with the sum to be paid on transfer
- TNG plans to take on surface rock and soil sampling in the area and has engaged Dr Mike Hussey to begin a spectral and National Oceanic and Atmospheric Administration imagery interpretation
- Shares in TNG are up 4.55 per cent and trading at 11.5 cents at 11:31 am AEST
Australian resources company TNG (TNG) has acquired the Sandover lithium project in the Northern Territory.
The Sandover lithium project comprises of two large exploration tenement packages and lies roughly 50 kilometres southeast of TNG’s Mount Peake project.
The two licences cover a total area of 8151 square kilometres and the project is considered highly prospective for lithium-bearing pegmatites.
TNG acquired the project from private Northern Territory-based prospectors for $25,000 per licence, with the sum to be paid on transfer.
TNG CEO and Managing Director Paul Burton said the new project was an “exciting and logical addition” to the company’s flagship Mt Peake deposit.
“The area represents, in all likelihood, one of the last areas that is prospective for lithium in the Northern Territory,” Mr Burton said.
“While we remain fully focused on developing the Mount Peake vanadium-titanium-iron project, we want to continue to build up our growth portfolio in battery-related and future strategic metals.
“The global energy transformation and the move to electric vehicles will see a structural increase in the consumption of metals such as lithium and vanadium. We want to be positioned to take advantage of this surge in demand for both elements.”
TNG will now undertake surface rock and soil sampling to explore for lithium-bearing pegmatites in the Sandover area.
Further, TNG has engaged spectral data interpretation and modelling expert Dr Mike Hussey to begin a spectral and National Oceanic and Atmospheric Administration imagery interpretation of exposed lithium-bearing pegmatites.
Shares in TNG were up 4.55 per cent and trading at 11.5 cents at 11:31 am AEST.