An Australian subsidiary of a Canadian mining company has bought the Milo mining project in North West Queensland.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Toronto-based Consolidated Uranium Inc told investors last week its wholly owned Australian subsidiary, CUR Australia Pty Ltd, has signed a definitive sale and purchase agreement with Isa Brightlands Pty Ltd, a wholly owned subsidiary of Australian mineral exploration company GBM Resources.
The deal will give CUR a 100% interest in the Milo Uranium, Copper, Gold, Rare Earth Project.40km west of Cloncurry.
The project has one mineral exploration permit with 20 sub blocks comprising 34 sq km within the Mount Isa Inlier bioregion.
The new purchases will take hold of a uranium resource plus multi-element historic resources with untested exploration and strategic Rare Earth Mineral potential.
Consolidated Uranium President and CEO Philip Williams said the transaction would add another uranium project to the CUR portfolio with significant previous expenditures and historic mineral resources.
"Like many of our other projects we believe that Milo boasts strong exploration potential which we intend to pursue in short order," Mr Williams said.
"The project also fits well with our existing Queensland assets, namely Ben Lomond and Maureen, and will provide critical mass in an important global mining jurisdiction."
Mr Williams said they felt "strongly" that Milo will be a valuable project to CUR as it may be advanced as a uranium asset with additional historic mineral resources of rare earths, copper and gold.
READ MORE:
Mr Katter said this was a lost opportunity given the boom in the regional housing sector.
"The Queensland government is highlighting rare earths as a priority for development as part of its New Economy Mineral Initiative," he said.
"In October 2020 the Premier for Queensland announced a Government Initiative to develop New Economy Minerals within The North West Mineral Belt. Within this report Milo was highlighted as one of the potential development projects."
CUR will acquire a 100% interest in the Project for the payment of $500,000 in cash and 750,000 shares at $2.85 a share.
Drilling by GBM at Milo from 2010 to 2012 found Uranium, copper and REE mineralisation over a strike length of 1 kilometre and up to 200 metres wide.
The Maiden Milo Inferred Resource is 88 Mt containing 97 kt of Copper and 14 Mlbs of Uranium oxide at a 0.1% copper equivalent cut-off.
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content:
Bookmark https://www.northweststar.com.au/
Make sure you are signed up for our breaking and regular headlines newsletters
Follow us on Twitter
Follow us on Instagram
Follow us on Google News