New Frontier Minerals (LSE:NFM) said it has completed a joint site visit with Austral Resources (ASX: AR1) to Big One and Mt Storm and progressed a toll‑treatment Memorandum of Understanding for the NWQ Copper Project.
Big One hosts a JORC 2012 Inferred Mineral Resource of 2.1 Mt at 1.1% Cu (21,886 tonnes contained) and preliminary metallurgical tests returned sulphuric acid‑soluble recoveries of 83-99%, most above 95%, consistent with Austral's Mt Kelly flowsheet.
"We see significant value in partnering with Austral Resources to advance the NWQ Copper Project," Chairman Gerrard Hall said.
They have entered a formal MOU that contemplates a toll‑treatment pathway and a profit‑sharing framework, both subject to definitive agreements and ongoing exploration success.
NFM will provide exploration, tenement control and potential ore from Big One and satellite prospects while Austral supplies processing capacity and technical flowsheet compatibility, with haulage routes and stockpile sources reviewed during the visit.
Reconnaissance at Mt Storm, historically mined for about 1,100 tonnes at ~6% Cu with no modern drilling, produced grab and rock‑chip samples and a scout metallurgical program with assays and XRD/SEM work expected in one to two months.
Near‑term actions include progressing a Mining Lease Application over Big One, follow‑up surface sampling and geological targeting to grow the resource, and continued technical collaboration with Austral to validate the proposed toll pathway.
