Desoto Resources Secures Drilling Grant From NT Government

DeSoto Resources Ltd (ASX:DES) has secured the Northern Territory’s ‘Resourcing the Territory’ Round 17 drilling grant for its Spectrum and Fenton projects.

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.

Vesper and Fenton drilling

The A$228,000 drilling grant includes:

  • $68,000 for brownfields drilling of one deep exploration hole at the Vesper polymetallic AEM target.
  • $160,000 for multi-hole greenfields drill testing of the new Fenton South Gold AEM target along the Fenton Shear Zone corridor.

Watch: DeSoto Resources MD Chris Swallow Tells JustStocks Video More About New High-Grade Rare Earths Acquisition

DeSoto Resources recently identified the potential for a base metal, rare earth and gold mineralised system at the Spectrum Project in the Northern Territory.

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

There is strong evidence that the Quantum REE-Au (rare earth elements – gold) mineralisation and the Vesper EM (electromagnetic) anomaly are part of the same, complex mineralisation system.



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