Resolution Minerals Announces Update on Benmara Copper Project Following BHP Withdrawal
Withdrawal of Oz Exploration from Benmara Project
Resolution Minerals Ltd (RML) has announced that Oz Exploration Pty Ltd (OZE), a subsidiary of BHP Group Limited, has decided not to continue with further earn-in activities at the Benmara Copper Project in the Northern Territory. This decision follows the acquisition of OZ Minerals Limited by BHP and a subsequent review of projects.
Background of the Agreement and Drilling Activities
The earn-in Heads of Agreement between RML and OZE was originally announced on 13 May 2022. Drilling activities at the Benmara Project during 2023 were funded by OZE as part of their initial commitment outlined in the agreement. This included a $150,000 grant from the Northern Territory Government’s Resourcing the Territory initiative.
Supportive Results for Copper Prospectivity
Despite OZE’s withdrawal, the results from the stratigraphic drilling program at the Benmara Project have been encouraging, supporting the site’s prospectivity for copper within the South Nicholson Basin. Resolution Minerals believes these results demonstrate the technical merit of the project.
Future Plans for Benmara and Focus on George Project
Resolution Minerals now plans to seek a new partner to farm out the Benmara Project. The company intends to redirect its focus and resources towards the George Project in South Australia, which is prospective for Silica Sands and Uranium.
