Dart Mining NL (ASX:DTM), an Australian exploration company primarily focused on discovering and developing economic mineral deposits, has announced its entry into a binding term sheet with Core Uranium Limited for the acquisition of seven highly prospective exploration licence applications. This extensive tenement package, spanning 4,717 square kilometres within the heavily mineralised Pine Creek Orogen in Australia’s Northern Territory, is prospective for gold, copper, tungsten, tin, and uranium.
The acquisition comes with a total consideration of A$150,000, which includes a A$3,000 cash deposit already paid. The Pine Creek Orogen is renowned for its significant mineral endowment, with the newly acquired areas confirming historical occurrences of gold, copper, tungsten, tin, and uranium. The project is particularly noted for its high gold prospectivity, typical of the region, and its association with unconformity-related uranium deposits. Chairman James Chirnside stated that this acquisition, secured at an attractive price, provides the company with exposure to a diverse range of minerals and positions it strongly in a region known for world-class uranium deposits, subject to regulatory changes.
To fund this acquisition and advance other projects, Dart Mining recently completed a capital raising, securing approximately A$1.31 million before costs from professional and sophisticated investors. The funds will be allocated towards the cash consideration for the Core Uranium tenement package, as well as furthering drilling at the Triumph Gold Project, conducting metallurgical testing at the Coonambula Antimony-Gold JV, and progressing activities at the Walwa Tin, Tungsten, Tantalum, Niobium Project. Completion of the Northern Territory acquisition remains subject to conditions precedent, including technical due diligence, formal documentation, and Ministerial approval for the tenement transfers.
