Taruga Minerals Ltd (ASX:TAR) has snapped up a new copper-gold-rare earth element (REE) project in one of Australia’s most sought-after exploration districts.
The polymetallic Curnamona project is the latest asset to join the Taruga fold, adding further base and precious metal exposure to the company’s portfolio.
The South Australian asset spans just under 500 square kilometres and is about to transition from application status to a fully-fledged exploration licence.
With the new project under its wing, Targua has launched a desktop review of historical data, as well as work on land access and native title negotiations.
Over the first half of next year, the team will complete a comprehensive fieldwork program, paving the way for target and drilling decisions towards the end of 2023.
“One of the most competitive regions in Australia”
Speaking to the acquisition in a market announcement today, Taruga CEO Thomas Line said: “The addition of the Curnamona Project to the Taruga portfolio provides exposure to highly prospective copper and gold tenure, which remains considerably underexplored.
“The proximity to world-class deposits, the number of copper, gold and uranium resources and the favourable geology and structure are some of the reasons why we selected this ground.
“We also believe there to be substantial potential for REE mineralisation throughout the tenement package.
“The Curnamona Province is one of the most competitive regions in Australia, with virtually no available ground.
“We are very pleased to be adding this tenure to our portfolio, and we will be reviewing the best way to realise value from this ground, including joint venture and farm-out opportunities.”
An iconic district
The eponymic Curnamona region is an established copper, gold and uranium province, meaning Taruga takes up residence among some famous neighbours.
It’s also home to the Kalkaroo project — Australia’s largest, undeveloped, open-cut copper mine.
Taruga’s new asset sits just 40 kilometres away from the mine, which is reported to host 1.1 million tonnes of copper and 3.1 million ounces of gold.
The region itself is no stranger to wheeling and dealing: fellow ASX-lister Oz Minerals Ltd recently entered an option agreement to buy Kalkaroo from Havilah Resources Ltd (ASX:HAV) for up to $405 million.
Beyond Kalkaroo sits Havilah’s Mutooroo massive sulphide deposit — a copper-cobalt-gold play just 53 kilometres from the Curnamona project.
There are also uranium prospects nearby: Curnamona is 40 kilometres from the 33-million-pound Yarramba asset, 50 kilometres from the 35-million-pound Honeymoon deposit and 9 kilometres from the 15-million-pound Crocker property.
Curnamona is also 20 kilometres along strike from the Radium Hill uranium mine, which historically produced 18 million pounds of triuranium octoxide.
More broadly, the property is close to a high concentration of overlooked copper, gold and uranium occurrences, meaning there’s still exploration upside in this popular region.
In recent years, the Curnamona region has become somewhat of an REE hotspot thanks to the correlation between copper-gold hits and rare earths.
Taruga will keep the market updated as it embarks on its journey in this competitive, underexplored region.