logo-loader
viewNQ Minerals PLC

NQ Minerals secures rights to key tenement around its flagship Tasmanian project

The area is underexplored and has the potential to host new mineralisation close to NQ's Hellyer processing plant, said chairman David Lenigas

Sirius Minerals PLC -
Pictured is the NQ Minerals plant

NQ Minerals PLC (LON:NQMI) (OTCMKTS:NQMLF) said the authorities in Tasmania have approved the company’s acquisition of the Mt Block permit around the firm’s flagship Hellyer base and precious metals project. The 46 square-kilometre area effectively triples NQ’s footprint.

“This tenement is underexplored and has the potential to host new mineralisation close to NQ's Hellyer processing plant," NQ chairman David Lenigas said in a statement.

In an earlier announcement, Lenigas said the long-awaited deal provided “real potential to radically change the long-term plans for Hellyer”.

He added that there was scope to re-open the underground mining operations, adding much higher-grade ore feed to the existing plant in coming years.

“Some of the drill intercepts near the Hellyer orebody are regarded as 'bonanza' grades anywhere in the world and NQ is planning to commence drilling a number of the high priority targets as soon as possible,” he explained.

The company is led by a team of experienced mining and mining finance industry professionals, including chief executive Walter Doyle, the venture capitalist responsible for the resurrection of Sirius Minerals PLC (LON:SXX).

The principal asset is the Hellyer mine in Tasmania. This was commissioned at the turn of 2018/2019, which generated revenues of A$54mln last year.

Quick facts: NQ Minerals PLC

Price: 5 GBX

NEX:NQMI
Market: NEX
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of NQ Minerals PLC named herein, including the promotion by the Company of NQ Minerals PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

NQ Minerals' David Lenigas updates as it looks to nearly double mining...

NQ Minerals PLC's (NEX:NQMI)(OTCQB:NQMLF) David Lenigas speaks to Proactive London's Andrew Scott after announcing they're to contract a second, high capacity mining dredge to boost its mining operations at the Hellyer project in Tasmania. The second dredge has a capacity to move 100 tonnes...

on 12/10/2019

2 min read