CuFe Ltd (ASX:CUF) – formally Fe Limited – has successfully acquired a 60% interest in the Tennant Creek Gold-Copper Project, located in the Northern Territory.
The company has already completed the issue of 85 million ordinary shares and 75 million unlisted options exercisable at $0.10 each and expiring December 9, 2024.
This options and shares issue marks the completion of the transaction for the Tennant Creek Project interest, as approved by shareholders during the company’s annual general meeting held on November 24, 2021.
Read: Fe Limited jumps on rare opportunity to diversify copper-gold exposure
“An exciting time”
“We are pleased to have completed this transaction,” CuFe Ltd executive chair Tony Sage said.
“It’s an exciting time to be entering the Tennant Creek area, with Emmerson Resources Ltd (ASX:ERM)’s recent drilling results at its Hermitage deposit, which is located less than 20 kilometres from CUF’s ground, demonstrating the potential to discover new orebodies in the region.
“We have a number of workstreams already underway as we look to fast track our review of development opportunities, commencing with the Orlando open pit cut back.”
Tennant Creek
The Tennant Creek package covers 240 square kilometres in the highly prospective Gecko-Goanna copper-gold corridor which has historically produced more than 5.5 million ounces of gold at 19.3 g/t and 488,000 tonnes of copper at 2.9%.
Notably, the Tennant Creek Project has existing JORC 2004 resources, already considered a ‘mature’ copper-gold asset.
CuFe plans to focus initially on open-pit copper/gold early cash flow opportunity in the Orlando pit with significant exploration potential and follow up targets identified for early drilling.
Critically, the acquisition grants CuFe increased exposure to gold and copper, with copper occupying an attractive market space as a battery-related metal.
About CuFe
CuFe Ltd (ASX:CUF) is an emerging copper and iron ore company. The company’s strategy is focused on near-term, high-grade premium product iron ore projects and maintaining exposure to strategic metals.
CuFe has interests in various projects and tenements prospective for iron ore, copper and gold, all located in Australia.
The company commenced shipping from the Wiluna West John William Doutch (JWD) Deposit in October 2021.