New Frontier Minerals Ltd (LSE:NFM, ASX:NFM, FRA:7OR0, OTCQB:NFMXF) shares rose 5% to 0.5p after the company said its Mining Lease Application for the Big One copper deposit in Queensland had cleared initial regulatory review and received technical assessment approval from the Queensland Natural Resources and Mines Department.
The milestone moves the project closer to potential near-term production.
Big One sits within the group’s NWQ Copper Project and hosts a JORC-compliant resource of 2.1 million tonnes at 1.1% copper, including 7,400 tonnes of indicated surface stockpiles grading 1.2% copper.
New Frontier told investors its initial plan, subject to approvals, is to open-cut near-surface mineralisation and truck historical stockpiles to Austral Resources’ Mt Kelly processing facility under an existing memorandum of understanding.
The company noted that it had ended December with about A$2.62 million in working capital, it expects grant and R&D rebate funding should support its further progress at NWQ, alongside work at its Harts Range and Pomme projects.