Mount Burgess (ASX:MTB) Nxuu Project Moves to Public EIA Review Stage, shares soar

September 13, 2024 12:03 PM AEST | By Team Kalkine Media

Mount Burgess (ASX:MTB) Nxuu Project Moves to Public EIA Review Stage, shares soar — Image source: Shutterstock

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Highlights

The Nxuu Project is advancing to the public review stage of the Environmental Impact Assessment (EIA) for infill drilling.

The EIA public review is expected to last four to six weeks.

Upon completion, MTB will commence a 2,600m HQ diamond core infill drilling program.

Data from the drilling will be used to prepare a Pre-feasibility Study, followed by a Definitive Feasibility Study.

MTB share price surged by 100% to AU$0.002 apiece.

Mount Burgess Mining NL (ASX:MTB) experienced a 100% increase in its share price on 13 September 2024, reaching AU$0.002 per share. This surge followed a significant update on the progress of the Environmental Impact Assessment (EIA) for the Nxuu Deposit Infill Drilling Programme, a key development for the company's Botswanan project.

On 21 December 2023, after an extensive review and revisions to the scoping report (an early draft EIA), the Botswanan Department of Environmental Protection (DEP) approved the scoping report. The DEP requested that the company proceed with the submission of the final version of the EIA, incorporating DEP’s comments.

Following this initial approval, MTB submitted the final version of the EIA to the DEP in February 2024.

In September 2024, the DEP informed the company's environmental consultants that the revised EIA for the Nxuu project is ready to advance to the next crucial phase: public review of the EIA for the Nxuu Deposit Infill drilling campaign.

MTB has been asked to submit a draft public review notification for endorsement. This notification will be published in a Government Gazette and newspapers to invite comments or objections.

With the final EIA approved for public review, the company anticipates this phase to be completed within a two-week timeframe. Assuming no significant objections arise, the overall timeline for the full EIA review process is estimated to be four to six weeks.

Following this, the 2,600m infill HQ diamond core drilling campaign at the Nxuu deposit will proceed, allowing MTB to prepare a pre-feasibility study, with a definitive feasibility study to follow.

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