{"id":10245,"date":"2024-05-29T02:25:50","date_gmt":"2024-05-29T02:25:50","guid":{"rendered":"https:\/\/economicherald.net\/?p=10245"},"modified":"2024-05-29T02:25:50","modified_gmt":"2024-05-29T02:25:50","slug":"desoto-to-earn-in-to-spectrum-rare-earths-project-in-the-nt-shares-soar-100pc","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=10245","title":{"rendered":"DeSoto to earn-in to Spectrum rare earths project in the NT, shares soar 100pc"},"content":{"rendered":"<p>DeSoto to earn in up to 70% of Copperoz\u2019 Spectrum REE project with a minimum $5m spend<br \/>\nSpectrum has historical TREO grades of up to 6.55%<br \/>\nOption to acquire the whole project with a positive feasibility study<br \/>\nSpectrum is in the NT\u2019s growing critical minerals district<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report<\/em><\/strong><strong>: DeSoto Resources bagged in early trade Wednesday after inking an agreement to earn-in to the highly prospective Spectrum rare earths (REE) project in the Pine Creek minerals district in the NT.<\/strong><\/p>\n<p>REE exploration is gaining traction in the NT, spearheaded by the development of <a href=\"https:\/\/stockhead.com.au\/company\/arafura-rare-earths-aru\/\"><strong>Arafura Rare Earths\u2019 (ASX:ARU)<\/strong><\/a> massive $1.68bn Nolans project.<\/p>\n<p>Nolans is pegged to produce 4,400tpa NdPr oxide, 474tpa heavy rare earths oxide and 144,393tpa of phosphoric acid for a minimum 38 years.<\/p>\n<p>The project is looking increasingly likely to become Australia\u2019s first combined REE mine and refinery, having now secured 68% of the targeted US$775 million senior debt funding with Canadian Export Bank recently tipping in US$300m.<\/p>\n<p>The Australian Government is also chipping in, <a href=\"https:\/\/stockhead.com.au\/resources\/australia-backs-arafuras-dream-of-developing-the-nolans-ree-project-with-us533m-debt-financing-package\/\"><strong>committing up to $840 million to support the development of Nolans<\/strong><\/a>, while the NT Government, through it\u2019s <em>Resourcing the Territory <\/em>initiative, provides funding to explorers such as <a href=\"https:\/\/stockhead.com.au\/company\/desoto-resources-des\/\"><strong>DeSoto Resources (ASX:DES)<\/strong><\/a> in the critical minerals space.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Acquiring Spectrum<\/strong><\/h2>\n<p>DeSoto has signed a binding term sheet to acquire 70% of Copperoz\u2019 Spectrum REE project via a two stage minimum exploration spend of $5m over the next 39 months, with a right to acquire up to 100% of the project.<\/p>\n<p>During the first 15 months, DeSoto agrees to spend a minimum of $2m, including a minimum 3500m worth of RC\/DD drilling, while Stage 2 requires a minimum $3m expenditure during the following 24 months.<\/p>\n<p>Upon completion of a positive feasibility study, DeSoto has an option to buy out the remaining 30%.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>REE prospectivity<\/strong><\/h2>\n<p>Historic uranium-focused drilling at Spetrum was completed before REEs were recognised as a valuable critical minerals opportunity and intercepted high-grades within a potential 4.5km strike along the Fenton Shear Zone (FSZ) corridor \u2013 with mineralisation open to the north and south.<\/p>\n<p>Wide zones of high-grade total rare earth oxides (TREO) were identified over a 350m strike, including NdPr, with best results showing:<\/p>\n<p>50m @ 1.55% TREO from 245m, including 6m @ 6.55% TREO from 248m<br \/>\n21.9m @ 2.55% TREO from 276m, including 9.2m @ 3.78% TREO from 288m<br \/>\n17m @ 1.0% TREO from 254m, including 1m @ 6.42% TREO from 254m<\/p>\n<p>Previously completed testwork has suggested\u00a0 &gt;19% TREO concentrate could be produced and that the sulphide minerals could potentially be treated to liberate gold and silver in a separate process.<\/p>\n<p>\u00a0<\/p>\n<p>The Spectrum project within DeSoto\u2019s Fenton project. Pic supplied: (DES)<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h2><strong>Exploration at Fenton<\/strong><\/h2>\n<p>DeSoto\u2019s Fenton gold project contains a 55km-long strike of the FSZ, similar in strike and parallel to the prolific Pine Creek Shear Zone (PCSZ) which contains ~17Moz of recorded gold deposits.<\/p>\n<p>The FSZ however, is vastly underexplored, so DeSoto recently drilled <a href=\"https:\/\/stockhead.com.au\/resources\/four-from-four-desoto-strikes-gold-in-all-diamond-holes-at-its-fenton-project\/\"><strong>four diamond holes that all intersected gold<\/strong><\/a> and conducted an NT government-supported airborne electromagnetic (AEM) survey that cropped up 18 priority bedrock conductivity anomalies.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Next steps<\/strong><\/h2>\n<p>DeSoto is planning ground gravity and fixed loop electromagnetic surveys over the Quantum and Vesper targets at Spectrum to assist in drill planning as part of its 3500m RC\/DD drilling earn-in commitment.<\/p>\n<p>It\u2019s also going to develop working geological and mineralisation models for antiformal hinge zone style REE-gold-silver and base metal\/uranium skarn style deposits.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with DeSoto Resources, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n<p>\u00a0<\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/desoto-to-earn-in-to-spectrum-rare-earths-project-in-the-nt-shares-soar-100pc\/\">DeSoto to earn-in to Spectrum rare earths project in the NT, shares soar 100pc<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>DeSoto to earn in up to 70% of Copperoz\u2019 Spectrum REE project with a minimum $5m spend Spectrum has historical TREO grades of up to <a href=\"https:\/\/economicherald.net\/?p=10245\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":10246,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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