TNG (ASX:TNG) completes water bore drilling at Mt Peake

• TNG (TNG) completes its water bore drilling program at its flagship Mount Peake vanadium-titanium-iron project in the Northern Territory
• The water bore drilling and evaluation program is undertaken to provide a sustainable water supply for the entire project
• The current round of aquifer drill testing has successfully extended beyond the company’s water extraction licence application (WELA) area
• The information from the drilling program will also be part of the environmental impact assessment report, which is currently being progressed
• The company says it will provide further updates on the size and extension of the aquifer once the modelling is finalised
• TNG shares hold steady at seven cents as of 10:03 am AEST

Australian resource and mineral processing technology company TNG (TNG) has completed a water bore drilling program at its flagship Mount Peake vanadium-titanium-iron project in the Northern Territory.

The water bore drilling and evaluation program was undertaken to provide a sustainable
water supply for the entire project with additional water resource information required for the groundwater modelling work conducted by TNG’s appointed hydrological consultants AQ2 for the revised Mt Peake Processing Facility.

TNG currently has a water extraction licence application (WELA) submitted to the NT Government Water Resources Division of the NT Department of Environment, Parks and Water Security (DEPWS).

This current round of aquifer drill testing has successfully extended beyond the WELA area, the company said.

It is also expected to prove a source of sufficient water quality and sustainable water production from within a 75 kilometres distance from the project.

Based on information obtained, AQ2 will now be able to update and expand the groundwater modelling that has been completed, and provide a report which will support a second WELA from TNG, which will then provide sufficient, sustainable water resource for the entire planned mining and processing operation of the Mt Peake project.

The information from the drilling program will also be part of the environmental impact assessment report, which is currently being progressed.

Detailed evaluation of the long-term sustainability of an aquifer is a normal requirement for long-life mine projects such as the Mt Peake project, which has an initial life-of-mine of 40 years.

The company said it will provide further updates on the size and extension of the aquifer once the modelling is finalised.

TNG shares held steady at 7 cents as of 10:03 am AEST.