The survey aims to explore the potential for copper, silver, zinc and lead within the Ranken tenement area. Credit: paleontologist natural/Shutterstock.

Astute Metals has formed an alliance with Fleet Space Technologies to conduct an ExoSphere ANT geophysical survey at its Georgina IOCG [iron oxide copper gold] Project in the Northern Territory.

This survey aims to explore the potential for copper, silver, zinc and lead within the Ranken tenement area.

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The company noted that Ranken area’s basement geology, comprising McNamara and South Nicholson Group rocks, is known for hosting significant base metal deposits.

Notable examples include the Mt Isa and Century deposits, which are rich in copper, zinc, lead and silver.

The ANT survey is scheduled to begin in August and will focus on characterising the thickness of cover and identifying seismic velocity anomalies in the sub-cropping basement rocks.

This two-stage ANT survey is expected to provide critical data for assessing the exploration potential of the area. Fleet Space will also acquire an equity stake in Astute.

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Through a share subscription agreement, Fleet Space will purchase 8,510,638 ordinary shares at A$0.047 each, amounting to a total investment of A$400,000 ($263,563).

This is a 67% premium to Astute’s last closing share price on 6 June 2024.

The partnership marks a significant step for Astute in exploring and potentially expanding its mining operations within the highly prospective Ranken tenement.

Astute chairman Tony Leibowitz said: “I am very pleased with the collaborative partnership we have formed with Fleet Space to further unlock the significant potential of the Georgina Project for Tier-1 base metal discoveries.

“As a leader in the development of exploration technologies, Fleet Space’s equity investment is a strong endorsement of the company’s projects, leadership, exploration approach and value-creation strategy.

“The Ranken collaboration brings Astute one step closer to unlocking the discovery potential of the broader Georgina Project.”