- TNT Metals has acquired the Pelley Ridge zinc exploration project in Montana, USA.
- This follows TNT Metals’ 100 per cent acquisition of Metals of America.
- Pelley Ridge is believed to have similar characteristics to a mine in the Sullivan Zinc Deposit.
TNT Mines have acquired the Pelley Ridge Zinc exploration project in Montana, USA. This follows TNT Mines’ 100 per cent acquisition of Metals of Americas.
Metals of America has been acquired by TNT Mines for no upfront equity. Upon the findings of commercial grade resources at Pelley Ridge, 6,750,000 performance shares are set to be issued. According to TNT Metals, no additional capital raising is required.
The next phase of exploration at Pelley Ridge is expected to begin soon with drilling commencing in June. Previous work on the project has seen year round success with 10.8m drill intercepts at 7.21 per cent Zinc.
The Chief Executive Officer of Metals of America, Cherie Leeden, will lead the exploration project at Pelley Ridge with oversight from the TNT Metals board. Leeden will also lead the updated strategy focusing on obtaining large mineral resources in North America.
TNT Metals have said they are actively targeting “undervalued” gold and base metal resources in North America.
Pelley Ridge spans over 2000 hectares and has year round access. According to TNT Metals, vegetation is inexistent and there have been no identified environmental sensitivities. The company have said approval for exploration permits are usually obtained quickly, approximately between four to six weeks.
TNT Metals believe Pelley Ridge shows similar characteristics to the Sullivan Zinc Mine which makes up part of the Sullivan Zinc Deposit, located near Kimberley, British Columbia. The Sullivan Zinc Mine produced 160 million tonnes of ore which averaged 12 per cent of combined lead-zinc and two ounces per tonne of silver.