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Highlights
- Terra Uranium expands into tin-silver-gold projects
- Historic Ottery mine part of newly acquired assets
- Exploration planning underway with maiden drilling ahead
In a move that marks a major diversification step, Terra Uranium (ASX:T92) has successfully completed the acquisition of LCT Metals, a private firm holding exploration licences across high-grade tin, silver, and gold projects in New South Wales. This is the company’s first strategic venture outside its uranium assets in Canada's Athabasca Basin.
The acquisition significantly broadens the resource base of Terra Uranium and includes the historic Ottery tin mine, Castle Rag silver project, and Mole River silver-tin project, all located in the mineral-rich New England region. These licences not only bring new metals into Terra Uranium’s portfolio but also represent assets with deep exploration histories and promising high-grade zones.
The Ottery tin mine, a standout in the portfolio, was once the largest hard rock tin operation in New England, having produced approximately 2,700 tonnes of tin oxide at an average grade of 2%. It now stands at the core of Terra Uranium’s upcoming exploration agenda.
Evaluation of historical exploration data is already underway. According to Executive Chair Andrew Vigar, the company is actively reviewing past drilling records dating back to the 1980s, with aims to plan and permit a new phase of field activities. This will pave the way for maiden drilling, with an initial focus on Ottery’s high-grade zones.
Terra Uranium has allocated funds for this early-stage exploration using proceeds from a $500,000 share placement completed in March. The capital will support compilation of historical data, site access negotiations, and planning for exploration programs.
The Ottery tenement lies adjacent to the Taronga tin project, a development under First Tin, which is partly owned by Metals X (ASX:MLX). The area has seen several exploration campaigns over the decades. Notably, historical drilling results include assays such as 66 metres at 0.52% tin, and 24 metres at 2.01g/t gold, highlighting the site’s polymetallic potential.
These developments come as investor interest grows in diversification across sectors within the ASX200. With an increasing appetite for mineral exposure beyond uranium, such tin and silver assets could complement broader portfolios, especially for those tracking ASX dividend stocks and growth-oriented explorers.
The strategic expansion into New South Wales strengthens Terra Uranium’s multi-metal exploration stance and sets the foundation for near-term drilling initiatives in a historically rich mining belt.
