NewPeak Metals has made a significant move in its strategic plans by signing a binding term sheet with Yacimiento to acquire the Treuer Range uranium-vanadium project in Australia’s Northern Territory. The project covers an area of 230.7km² in the Ngalia Basin and is prospective for sandstone-type uranium-vanadium mineralization associated with the carboniferous mount eclipse sandstone.
The deal involves NewPeak paying A$350,000 to the vendor through the issue of 23.33 million shares at A$0.015 per share, along with granting a 2% net smelter royalty for the project. This acquisition marks the company’s entry into the critical minerals space.
As part of its exploration plans for the Treuer Range Project, NewPeak intends to define JORC mineral resources by conducting a detailed review of historic exploration data and new geochemical sampling. The exploration program will also include acquiring high-definition satellite imagery and ground geophysical surveys.
Priority areas identified will undergo further investigation with soil sampling, trenching, and drilling. The company plans to use reverse circulation drilling to test the mineral potential and enhance its geological understanding of the area.
This acquisition highlights NewPeak’s commitment to expanding its mineral portfolio and underscores its dedication to exploring and developing critical minerals projects. The company’s proactive approach to growth and exploration sets a positive trajectory for its future in the mining sector.
