Breakthrough Minerals has laid out extensive plans for its north Queensland copper project following news of its conditional binding agreement to acquire Dingo Minerals, along with Dingo’s project rights.
Breakthrough non-executive technical director William Dix said the company had thought carefully about its plans and was excited about its prospects for the copper-gold project.
“We looked at this ground for a while and it took a while to get it all live and put together, but what we’ve ended up with is a really exciting package of copper-gold tenure exploration in north Queensland, in the Mount Isa area,” Dix said.
“It comes with some pretty healthy resources we’re excited about and we’re looking forward to growing those.”
Breakthrough offered a total of $8 million cash and 41.5 million of its ordinary shares (worth $7.9 million) as consideration to Dingo for the acquisition. The company will also provide a 1.8 per cent net smelter return royalty and up to 15 million performance rights as part of the deal.
The deal will see Dingo enter into a conditional binding agreement to acquire the north Queensland copper project from Aeris Resources as part of the acquisition agreement.
The project contains a global mineral resource estimate of 18.8Mt @ 1.07 per cent CuEq for 200,000 tonnes of contained CuEq metal across the measured, indicated and inferred resource categories.
Dix said there are four main project sites involved: Hazel Creek, Barbara, Cloncurry, and Soldiers Cap. Now, the bulk of resources are located within the Turpentine deposit, which is part of the Hazel Creek project.
“We’ve got 101,000 tonnes of contained metal there. Turpentine open along depth and open along strike … that’s an area we’re keen to grow,” he said.
The company believes there is significant resource and exploration upside in addition to the known reserves, with numerous untested copper and gold targets featured across the project.
“The 200,000 tonnes will grow – it’s just a matter of how quickly and how far we can grow it.”
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