Desoto Resources Concludes Due Diligence On Spectrum Cu-REE-Au Project

DeSoto Resources Ltd (ASX:DES) has completed due diligence on its recently acquired Spectrum Cu-REE-Au Project in the Northern Territory.

DeSoto will spend $2 million on exploration activities at Spectrum in its first 15 months, supported by the company’s strong cash position.

Watch: DeSoto Resources MD Chris Swallow Speaks With JustStocks Video About Drill Planning For New Spectrum Project

Exploration planning is underway focusing on land access agreements in order to submit MMP plans for drilling to the Northern Territory Mines Department.

The due diligence has confirmed there are no registered Aboriginal Land Claims or environmental concerns over the licence area.

Read: Desoto Resources Sets Sight On Unlocking Rare Earth Opportunity In The NT

Potential for mineralisation

DeSoto has already identified the potential for a base metal, rare earth and gold mineralised system at the Spectrum Project.

This follows the completion of regional geological assessment and geophysical plate modelling of the recently acquired project.

Drilling to commence in August 2024

DeSoto is advancing ground electromagnetic (EM) survey to tighten up the drill targeting on four conductor plates at Spectrum.

Importantly, all four conductor plates have relatively high modelled conductivities and shallow depth to tops of less than 135m beneath surface.

Upon completion of ground EM survey, DeSoto expects drilling to commence in August 2024.

NT drilling grant

DeSoto recently secured the Northern Territory’s ‘Resourcing the Territory’ Round 17 drilling grant for its Spectrum and Fenton projects.

Read: Desoto Resources Secures Drilling Grant From NT Government

NT Government will co-contribute A$228,000 to drill AEM (airborne electromagnetic) targets identified as part of the 2023 (Round 16) geophysics and drilling program.

Notably, DeSoto has been awarded more than A$320,000 in the past 12 months for exploration activities in the Northern Territory.

 

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