TNG to branch out into NT lithium exploration

TNG has acquired lithium tenure 50km from its mainstay Mount Peake vanadium-titanium-iron asset and 60km from Alice Springs in Northern Territory.
TNG to branch out into NT lithium exploration TNG to branch out into NT lithium exploration TNG to branch out into NT lithium exploration TNG to branch out into NT lithium exploration TNG to branch out into NT lithium exploration

The dozen or so exploration licenses are being bought from prospectors at a cost of A$25,000 each.

TNG is calling the lithium play Sandover and claims the ground has "high potential to host lithium-bearing pegmatites, as seen elsewhere in the Northern Arunta pegmatite province".

The company also said TNG has engaged the services of Dr Mike Hussey, "a world expert on spectral data interpretation and modelling, to commence with a spectral and National Oceanic and Atmospheric Administration (NOAA) imagery interpretation utilising "finger-printing" of known exposed lithium bearing pegmatites".

The new venture comes with TNG executives facing shareholder discontent and and an upcoming vote on their futures at the company.

Mount Peake is at the financing stage with the best part of $1 billion required to build the operation.

TNG had $14.4 million cash at the end of the June quarter.

Shares in TNG were up 4.5% to 11.5c in morning trade, capitalising the company at $160 million.