Australian explorer Tartana launches widescale company review after failed exploration execution
ASX-listed Tartana Minerals has launched a wide-ranging corporate and strategic review covering operations, financial position, corporate governance and its tenement portfolio, following an extraordinary general meeting in August.
The review is intended to unlock more value from Tartana's expansive base and precious metals portfolio in Australia.
In particular, a field reconnaissance and desktop geological review is under way to prioritise exploration prospects and develop a realistic and sustainable drill programme, while an independent technical and economic review of the Copper Sulphate production is also ongoing.
"Shareholders gave us a decisive mandate for change. Tartana holds an expansive and genuinely prospective portfolio of base and precious metals projects with one of the largest tenement positions in the Chillagoe and Herberton regions but has not scratched the surface of what this portfolio holds.
"We aim to deliver a focused, funded and achievable exploration plan to shareholders," says Tartana chairperson Sonny Didugu.
He points out that land access arrangements are already in place at the company's most prospective silver project, Nightflower, meaning drilling can be accelerated on this project.
Tartana holds four mineral resource estimates for copper, gold and zinc at the Tartana, Cardross and Mountain Maid mining leases.
For context, under the company's prior management, the intention was to drill at least 10 000 m this year across targets targeting silver and gold, but no such drilling occurred. To date, 1 500 m of resource extension drilling has been completed at Tartana Copper.
COPPER SULPHATE PROJECT
The company’s Copper Sulphate Pentahydrate plant has produced minimal copper sulphate this year despite significant expenditure on refurbishment, including the replacement of the chiller circuit and restacking of 50 000 t of material on the heap.
The independent-led technical review started, covers refurbishment works, heap performance, operational constraints, and the project’s short and long-term economic potential, including opportunities to source additional oxide copper feed.
The plant has historically generated $3.2-million in revenue over a 24-month production period. All of the plant's production is already committed in an offtake agreement with Kanins International.
Didugu says the copper sulphate price in respect of the offtake agreement is signed with the current London Metal Exchange copper price of A$19 000/t, or $14 000/t. "Our objective is to ensure that further investments in copper sulphate production are economically sustainable and profitable."
