Astute partners with Fleet Space to explore Georgina Project
Published by Jane Bentham,
Editorial Assistant
Global Mining Review,
Astute Metals NL has announced a new partnership with Fleet Space Technologies to undertake an ExoSphere Ambient Noise Tomography (ANT) geophysical survey across the highly prospective Ranken tenement area, located in the east of its Georgina IOCG Project in the Northern Territory, Australia.
The Ranken area basement geology consists of interpreted McNamara and South Nicholson Group rocks. The McNamara and its equivalents are known to host several large-scale base metal deposits, including the world-class Mt Isa copper and zinc-lead-silver deposits and the Century zinc-lead-silver deposit. Both copper and silver are currently attracting significant levels of investor interest, driven by surging demand and predicted supply shortfalls. Copper demand is expected to increase to 30 million tpa by 2035 and silver deficits are on the rise, driven in part by its use in the manufacture of solar panels.
The partnership will see Fleet Space take up an equity interest in Astute. As part of the agreement, Fleet Space will undertake a two-stage ANT survey aimed at characterising the thickness of cover and exploring for seismic velocity anomalies in sub-cropping basement rocks. The ANT survey, which is scheduled to commence in August this year, is expected to provide valuable insights into the copper, silver, zinc, and lead exploration potential at Ranken.
Astute Chairman, Tony Leibowitz, said: “I am very pleased with the collaborative partnership we have formed with Fleet Space to further unlock the significant potential of the Georgina Project for Tier-1 base metal discoveries. As a leader in the development of exploration technologies, Fleet Space’s equity investment is a strong endorsement of the Company’s projects, leadership, exploration approach, and value-creation strategy.
“The Ranken collaboration brings Astute one step closer to unlocking the discovery potential of the broader Georgina Project.”
Fleet Space Director, CFO and Financial Strategy and Investment Officer, Federico Tata-Nardini, added: “Together, Astute and Fleet Space are redefining mineral exploration through the innovative integration of space technology and exploration for critical minerals.
“Fleet Space’s cutting-edge technology applied in partnership with Astute’s mineral exploration expertise has the potential to unlock significant discovery value in the prospective Georgina Project. Fleet Space’s real-time exploration technology, ExoSphere, is powered by Space and AI to accelerate exploration with unparalleled speed, scale, and precision. This technology revolutionises resource exploration, opening the door to faster discoveries and precise drilling operations while minimising environmental impact.
“Reinforcing both parties’ dedication to the advancement of mineral exploration, Fleet Space will acquire an equity stake in Astute through a targeted share investment.”
Read the article online at: https://www.globalminingreview.com/mining/12062024/astute-partners-with-fleet-space-to-explore-georgina-project/
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