Join our daily newsletter At The Bell to receive exclusive market insights
- Zeotech (ZEO) signs land purchase agreements for 682 hectares of freehold land underlying its mining lease at the Toondoon project in Queensland
- The agreements will also cover the overlapping adjacent exploration permit for minerals at the project
- The company says this will accelerate time to mining, streamline approval processes and help to potentially expand Toondoon’s high-grade kaolin resource
- Zeotech continues to progress its activities at the project and remains engaged in “positive” discussions with prospective direct shipping ore counterparties in India
- Shares in Zeotech are down 7.84 per cent, trading at 4.7 cents at 3:45 pm AEDT
Zeotech (ZEO) has signed land purchase agreements for the freehold land underlying the company’s mining lease at the Toondoon project in the North Burnett district, Queensland.
The agreements will also cover the overlapping adjacent exploration permit for minerals at the project.
The freehold land covers 682 hectares and reportedly provides direct access to local roads and water sources which will be necessary for future mining operations.
The company said this will accelerate time to mining, streamline approval processes and provide an efficient pathway to potentially expand Toondoon’s high-grade kaolin resource, which remains open in all directions.
“We are pleased to have secured the underlying freehold land which covers the Toondoon project’s approved mining lease, which highlights a major de-risking initiative for the company,” Managing Director Peter Zardo said.
“Following the settlement of the Toondoon project acquisition in August, this is yet another key milestone that will accelerate development of the project, by facilitating greater control over approvals needed to commence a low-impact kaolin mining operation.”
Zeotech said it continues to progress its activities at the project and remains engaged in “positive” discussions with prospective direct shipping ore counterparties in India.
Shares in Zeotech were down 7.84 per cent, trading at 4.7 cents at 3:45 pm AEDT.
