Terra Uranium (ASX: T92) has broadened its exploration scope with the acquisition of LCT Metals, a private company holding licenses for tin, silver, and gold exploration in New South Wales, Australia. This marks Terra Uranium’s first venture outside of uranium exploration in Canada’s Athabasca Basin. The acquired licenses encompass historically significant sites, including the Ottery tin mine, once the largest hard rock tin producer in the New England region, yielding approximately 2,700 tonnes of tin oxide at a 2% grade. Other projects include the Castle Rag silver project and the Mole River silver-tin project.
The company will commence evaluation of historical exploration data to inform future field activities and maiden drilling programs. Initial work will focus on compiling existing data and planning follow-up exploration, funded by the proceeds of a $500,000 share placement completed in March. Immediate priorities include initiating site access discussions and planning drilling at Ottery’s high-grade zones. The Ottery tenement is adjacent to the Taronga tin project, under development by First Tin, with Metals X (ASX: MLX) holding a 29.9% stake. Historical exploration by companies like Electrolytic Zinc Company of Australasia (now part of Rio Tinto (ASX: RIO)) and Central West Gold have yielded promising results, including notable tin and gold assays, reinforcing the potential of the region.
