MRV Metals set to acquire highly prospective tenements in Southern Queensland

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Image credit: moretonresources.com.au

Moreton Resources’ wholly owned subsidiary MRV Metals has entered into a binding agreement to acquire a range of tenements in the Granite Belt region, close to the township of Texas in Southern Queensland.

Image credit: moretonresources.com.au
Image credit: moretonresources.com.au

The tenements have been the subject of early stage exploration by its previous owners, Macmin Silver and then Alcyone Resources, but the majority of the prospects identified over a period of 20 years have either not been fully explored or identified.

These tenements (EPM 8854, EPM 11455, EPM 12858 and EPM 18950) contain a total Mineral Resource estimate for Mt Gunyan of approximately 7 Moz of silver at a cut-off grade of 30 g/t Ag (754kt @ 56 g/t Measured, 2.9 Mt @ 55 g/t Indicated and 302 kt @ 48 g/t Inferred) as announced on the 31 October 2012 by Alcyone to the ASX and reported under the 2004 edition of the JORC Code.

The acquisition will also see Moreton gain possessing of extensive historical drill data and associated analysis collected over multiple exploration programs that will be modelled, with the best potential future exploration prospects then determined. The company said it will review the potential for an upgrade of this Mineral resource subject to data analysis in the coming months.

Adertisement

“This provides an encouraging exploration target than can often be associated with high grade silver occurrences. Two of the most advanced projects indicate sufficient continuity that they should be able to define Mineral Resources with additional drilling at Hornet (Copper) and Harrier (Zinc-lead-silver),” the company said in a statement to the ASX.

“Previous exploration has highlighted a number of prospects that have only had limited work due to budget constraints and encouraging results that are yet to be followed up, including un-assayed drill samples.”

Moreton said that it is now progressing with the transitional issues, subject to Government approvals and other conditions, which the company hopes to have finalised in the coming months.

The combined tenements will be referred to as the “Granite Belt Project”.