Critical minerals and technology company Loyal Metals (ASX: LLM) has secured a binding agreement to purchase the Highway Reward copper-gold mine in Queensland from private company Highway Copper Gold.
The mine is among the highest-grade copper developments worldwide, with past production totalling 3.65 million tonnes at 5.7% copper and 260,000t at 4.5 grams per tonne gold.
The project has been devoid of any modern exploration since mining ceased in 2005, despite a 680% increase in copper prices and a 1,256% increase in gold prices since a 1997 project feasibility study.
Managing director Adam Ritchie said the Highway Reward acquisition marked the first step in Loyal’s plan to broaden its critical minerals strategy beyond hard rock lithium.
“This is an amazing opportunity to unlock and showcase the immense potential of this forgotten mine, which is now primed for a revisit after 20 years of dormancy,” he said.
“Highway Reward offers an amazing speed-to-market opportunity for us, especially with copper and gold prices close to all-time highs—we are confident our modern technology and innovative mining techniques will provide exceptional value and returns to our shareholders.”
Highway Reward is located within the Mount Windsor Volcanic Belt, 37 kilometres from Charters Towers in an area known for its rich history of copper and gold mining.
The region is home to gold operations such as the 3.2Moz Mt Leyshon mine owned by Newmont Corporation (ASX: NEM) and the 3.4Moz Pajingo mine owned by Yuxin Holding (a subsidiary of China’s Shandong Yulong Gold).
It is close to the mothballed Thalanga and Mount Carlton processing plants that have road and rail access to Glencore’s Mount Isa copper hub, the Townsville copper refinery, and the Port of Townsville.
On completion of the Highway Reward acquisition, Loyal will receive an exploration and mining database digitised, analysed, prioritised and assessed using AI-based mining software.
The company expects this to facilitate the development of advanced 3D models for identifying any remnant and extensional copper-gold mineralisation.
Mr Ritchie said the company would combine the data with modern and cost-effective techniques to generate and refine exploration targets ahead of a maiden drilling campaign.
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