Drilling nearing take-off at Belararox’s TMT project in Argentina

With drilling just weeks away, site works are underway at Belararox’ TMT project in Argentina.

Drilling is about to take-off at Belararox's TMT project in Argentina, with site works underway. Pic: Getty Images

• Site works are underway at Belararox’ TMT project in Argentina in preparation for drilling, set to commence in just weeks

• It follows a recent $7.7m raise, which saw high-quality new investors join the register at BRX

• BRX also just acquired another copper project in the highly prospective Kalahari Copper Belt of Botswana

Special Report: Fresh off acquiring a new project in another hot copper jurisdiction, Belararox has turned its immediate focus back to TMT in Argentina, where site works are underway in preparation for upcoming drilling.

An earthworks agreement has been struck between Belararox’ (ASX:BRX) subsidiary, GWK Minerals SA, and highly regarded local contractor – Brig S.R.L – to carry out earthworks that’ll help enable access to site and camp facilities.

It follows a recently well-supported $7.7m capital raising, where Belararox added high-quality new investors including Scotia Global Asset Management in Canada and Denala in Hong Kong to its books.

Early exploration at Toro Malambo Tambo will focus on drilling at Tambo South and Malambo project sites, where recent assays and 3D geochemical modelling showed the presence of copper/gold porphyry targets.

Hard work pays off

With drilling just weeks away, managing director Arvind Misra heaped praise on the hard work of GWK, its wholly-owned subsidiary based in Argentina.

“I am delighted with the excellent work achieved by GWK and its management team in arranging the execution of the key contracts to enable the commencement of drilling operations at the TMT Project,” he said.

“In particular, I welcome the  initiative  and  support  of  the  management  of  Brig  S.R.L.  in  agreeing  to  undertake  the earthworks  at  Tambo  South  and Malambo to  receive  50%  of  their fees in BRX  shares, which reflects their belief in the project.”

Through its work, Brig S.R.L will receive 50% of all fees in BRX shares, subject to available placement capacity.

Belararox also declared drilling contract negotiation is reaching its final stages, with an agreement to be reached imminently.

Other earthworks will be carried out by GWK to prepare TMT for a big bang when drilling kicks off next month.

Hot metal in hot jurisdictions

Belararox now holds two potentially significant copper projects in promising locations – Argentina and Botswana.

The proof is in the pudding with mining giant BHP continuing to show interest in both regions.

In Argentina, BHP recently announced a US$3.2 billion deal with Lundin Mining to jointly acquire Filo Corp, which owns the Filo del Sol copper project, which BHP will jointly develop with Lundin’s Josemaria project nearby.

The project in question? It’s right next door to BRX’s TMT project, demonstrating the enormous interest from the industry’s biggest players in the exciting domains BRX has targeted.

TMT project in comparison to other discoveries. Source: Supplied - BRX

Just this week also, BHP demonstrated its interest in Botswana by signing a letter of intent with Cobre (ASX:CBE) to explore the Kitlanya West and East copper projects in the Kalahari copper belt.

Location of tenements in Botswana. Source: Supplied - BRX

This article was developed in collaboration with Belararox, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.