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Highlights
Portfolio Optimisation: Successfully divested the Cangai Copper Mine to Infinity Mining (ASX:IMI), strengthening its asset base and focus.
Strategic Acquisition: Signed a binding term sheet for the Harts Range Project, a high-potential niobium, uranium, and rare earths asset in Northern Territory, Australia.
Exploration Success: Exceptional rock chip assays from Harts Range returned 29.80% Nb₂O₅, 14.04% U₃O₈, and 1.63% Dy₂O₃.
Corporate Growth: Rebranded to New Frontier Minerals, emphasizing a strategic shift towards critical mineral exploration.
New Frontier Minerals Ltd (LSE:NFM) has released its quarterly activities report for the period ending 31 December 2024, showcasing significant exploration achievements, strategic acquisitions, and financial updates that reinforce the company's position in the critical minerals sector.
Exploration & Portfolio Developments
New Frontier Minerals successfully completed the sale of the Cangai Copper Mine Project to Infinity Mining, securing equity and enabling a sharper focus on high-value critical mineral projects.
The company made a transformational move by acquiring the Harts Range Project in Northern Territory, an area with proven high-grade niobium, uranium, and heavy rare earths (HREEs). Key assay results from rock chip sampling include:
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29.80% Nb₂O₅ (niobium pentoxide)
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14.04% U₃O₈ (uranium oxide)
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1.63% Dy₂O₃ (dysprosium oxide)
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0.22% Tb₄O₇ (terbium oxide)
Exploration at the Big Jay Prospect within Harts Range revealed a 500m-long pegmatite, indicating significant resource potential. To further assess the deposit, the company has scheduled heliborne radiometric and magnetic surveys for January 2025.
Meanwhile, at the Big One Deposit, ongoing surface sampling returned copper grades as high as 12%, strengthening the project's expansion potential.
Financial & Corporate Updates
New Frontier Minerals reported a solid financial position with:
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$1.569 million in total liquid assets, including $881k in cash and $440k in ASX: IMI stock.
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$248k in rehabilitation bonds, pending refunds.
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A continued focus on developing the NWQ Copper Project, while seeking partners for Mkushi (Zambia) and BHA West (NSW) divestments.
