Govt cofunding boost for Marindi project 26th August 2016 By:...

Govt cofunding boost for Marindi project


26th August 2016

By: Creamer Media Reporter
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JOHANNESBURG (miningweekly.com) – The Caranbirini zinc/lead project, which ASX-listed Marindi Metals is developing in the Northern Territory, has received A$100 000 in cofunding from the federal government for exploration activities, including geophysics and analysis of historical drill-holes.

Caranbirini is near Glencore’s McArthur River mine and forms part of Marindi’s expanding portfolio in this base metal province, where it recently entered into a binding heads of agreement to acquire Rox Resources’ 49% interest in the Reward joint venture, which includes the large Teena deposit.

In April, Marindi was approached by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) to participate in the Northern Territory Geological Survey-CSIRO McArthur project. Marindi will contribute $50 000 towards the project and the CSIRO and the Australian government’s Department of Industry, Innovation and Science will each match Marindi’s contribution, allowing for a total exploration spend of $150 000 on the Caranbirini project.
The data generated will be interpreted by CSIRO scientists with the aim of the joint programme being to develop a three-dimensional model of the subsurface geology. Data from airborne VTEM, gravity, mineralogy and geochemical analyses from historical drill holes will be combined with a view to identifying prospective geological structures and Barney Creek Formation.