ASX-listed TNG has acquired the Sandover lithium project, some 50 km from its Mount Peake vanadium/titanium/iron project, in the Northern Territory.
The two exploration tenements that make up the project area cover 8 151 km2 and are considered highly prospective for lithium in pegmatites.
The Sandover project was acquired from private Northern Territory-based prospectors on acquisition terms of A$25 000 per granted licence, with the consideration paid on transfer.
TNG told shareholders on Tuesday that the company has been completing due diligence on the licences since February 2022.
“We are very pleased to have secured this highly prospective area for shareholders, which represents an exciting and logical addition to our flagship Mount Peake deposit. The area represents, in all likelihood, one of the last areas that is prospective for lithium in the Northern Territory,” said MD and CEO Paul Burton.
“While we remain fully focused on developing the Mount Peake 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 intends to explore for lithium-bearing pegmatites using traditional rock chip and soil sampling methods in areas with outcrop or residual soils. This will be augmented with state-of-the-art remote sensing exploration techniques in order to rapidly locate pegmatites at surface and beneath thin sand cover.
The land area is also considered highly prospective for both sediment-hosted copper and iron oxide/copper/gold deposits, following recent work by the Northern Territory Geological Survey.
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