Terra Uranium to Acquire the largest Tungsten Molybdenum Project in
New South Wales
Highlights
• Terra Uranium Limited (ASX:T92) has entered into a Binding Term Sheet to acquire 100% of the issued capital of Dundee Resources Pty Ltd.
• 100% acquisition of the tenement upon which sit the Glen Eden, Bald Nob and Deepwater Tin, Tungsten, Molybdenum, Silver and Base Metals projects.
• Tungsten prices are at 12-year highs and have recently surpassed $450USD/MTU. Due to its high melting point, hardness and density, demand has significantly increased on the back of applications across Military, Aerospace and Electrodes.
• Located approx. 50km by sealed road from the developing Critical Minerals mines at Taronga (First Tin AIM:1SN) and Hillgrove Antimony (Larvotto Resources, ASX: LRV).
• The Glen Eden Tungsten Molybdenum Project is the largest undeveloped tungsten project in NSW.
• Mineralisation includes Mo, W, Sn and Bi in a clearly defined multi-phase brecciated greisen and stockwork complex approx. 500m in diameter hosted in rhyolitic volcanics.
• Diamond drilling has been undertaken by pervious explorers to 385m vertical depth
T92 has received firm commitments from a number of sophisticated investors and funds to raise $865,000 before costs by way of a placement of new shares in the Company, at an issue price of $0.03 per share. Each Share will include an option exercise at $0.09 and expiry being 31 December 2026.
• The Company remains well-positioned to take advantage of an anticipated recovery in the uranium price with the retention of all projects in the Athabasca Basin, Canada and drilling with Joint Venture partners.