Newmont sells portfolio of exploration projects in Australia to Inflection Resources

[Ben Graham]

Inflection Resources (CSE: AUCU / OTCQB: AUCUF) announced Monday it has entered into definitive agreement to acquire an 100% interest in a portfolio of Australian copper-gold exploration projects in New South Wales and the Northern Territory from subsidiaries of Newmont Corporation (NYSE: NEM).

The Tennant East project located in Australia’s Northern Territory comprises 12 exploration licenses covering a number of iron oxide copper gold (IOCG) targets which have received minimal exploration work to-date, the company said.

The Bell River project is located in the Macquarie Arc in central New South Wales. Inflection said it considers the project to be highly prospective for copper-gold porphyries, with the presence of outcropping lithocaps interpreted to represent the upper parts of preserved porphyry systems.

Inflection CEO Alistair Waddell said the acquisition represents the culmination of an extensive evaluation process. 

“The Tennant East and Bell River projects meet our rigorous selection criteria, particularly regarding the scale and quality of individual exploration targets and concepts,” Waddell said in a news release.

These new projects complement our existing New South Wales portfolio and will be explored in parallel with our current AngloGold Ashanti-funded exploration program. We look forward to applying our systematic, systems-thinking exploration approach to unlock the potential of these projects once the transaction is completed.”

Last year, Inflection Resources announced a collaboration with Australian microsatellite developer Fleet Space Technologies to pioneer the use of space technology and AI to accelerate the discovery of large-scale copper-gold deposits in Australia’s Macquarie Arc.

Inflection Resources stock closed the day down 1.79% in Toronto. The company has a C$30.9 million ($22.8m) market capitalization.