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- In the June quarter, Todd River Resources (TRT) suffered exploration delays due to travel and access restrictions in the Northern Territory and WA
- This has led the company to defer exploration at the Nanutarra and Mt Hardy projects
- Negotiations for an exploration agreement relating to the Petermann Range Project continue with the Central Land Council, who represent the traditional landowners
- Unfortunately, access restrictions into indigenous communities will cause delays in the negotiations
- In the meantime, Todd River entered agreements to acquire Marlee Base Metals and Moonknight
- These companies hold tenements adjacent from the Berkshire Valley Project, which is just 100 kilometres north of Chalice Gold Mines’ Julimar discovery
- Todd River ended the quarter with $1.36 million in cash
- Company shares are trading 2.86 per cent higher for 3.6 cents
Todd River Resources (TRT) has suffered exploration delays in the June quarter due to travel bans and access restrictions in the Northern Territory and WA.
This has led the company to defer exploration until the September quarter.
In the meantime, Todd River focused on progressing corporate activities which resulted in the proposed acquisition of Marlee Base Metals and Moonknight at the end of the June quarter.
The acquisitions
Todd River entered agreements to purchase 100 per cent of Marlee Base Metals and Moonknight who hold exploration projects in WA.
The companies hold adjacent tenements to the Berkshire Valley Project which is located roughly 170 kilometres north of Perth and 100 kilometres from Chalice Gold Mines’ Julimar discovery.
The tenements contain a 42-kilometre chain of mafic-ultramafic intrusions Todd River believes could be comparable to the Julimar discovery.
Upcoming exploration
Nanutarra Nickel Project
A broad fixed-loop electromagnetic (EM) survey was scheduled to be conducted over the interpreted intrusive body at the Nanutarra Nickel Project in the Ashburton region of WA.
Unfortunately, there were delays in moving geophysical crews around the country due to COVID-19 travel and access restrictions.
At this stage, the crew is supposed to arrive on-site and begin the survey in the first week of August.
The survey will include a number of 400-metre by 400-metre loops at a 600 to 800-metre spacing. It will focus on areas of terrain that will make the survey time and cost-effective.
The survey results will form the basis of a drilling program. This drilling is expected to take place later this year once the required approvals have been granted.
Mt Hardy Project
Todd River Resources is planning an infill and extensional aircore drilling program at its wholly-owned Mt Hardy Project in the Northern Territory. This will be conducted once broader travel within Australia is allowed.
Petermann Range Project
Negotiations are ongoing with the Central Land Council for an exploration agreement relating to the Petermann Range Project. The Central Land Council represent the traditional owners.
Unfortunately, the company expects delays to various restrictions on entering indigenous communities as part of avoiding the spread of COVID-19.
Todd River burnt around $198,000 across various operating activities and ended the quarter with $1.36 million in the bank.
Exactly $1 million of that sum is stored in a call deposit, while the other $364,000 can be withdrawn from TRT’s bank balance.
Company shares are trading 2.86 per cent higher for 3.6 cents each at 12:46 pm AEST.
