Loyal Metals Limited (ASX:LLM) has announced it has secured a binding option to acquire the Highway Reward Copper Gold Mine in Queensland, Australia. Loyal Metals is a critical minerals and technology company exploring highly prospective targets in renowned Tier-1 jurisdictions globally. The acquisition marks the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper. The Highway Reward Copper Gold Mine is recognised as one of the world’s highest-grade copper mines, with past production totalling 3.65 million tonnes at 5.7% Cu and 260,000 tonnes at 4.5 g/t Au.
Notably, no exploration has been conducted on the granted mining leases since operations ceased in July 2005. This is despite a significant increase in copper and gold prices since the 1997 feasibility study. The company highlights the enhanced remnant copper-gold potential due to this price surge and the previous exclusion of gold in sulphides from the mine plan. Managing Director, Mr. Adam Ritchie, expressed his enthusiasm for the acquisition, highlighting it as an ‘incredibly rare opportunity’ for Loyal’s investors.
The mine’s location, just 37 km from Charters Towers, provides access to established infrastructure and a history of strong social licence support for mining activities. The region is close to processing plants and transportation links to major copper hubs. According to the company, the granted mining leases display a 3km strike of favourable northeast geological polymetallic massive sulphide trends within the Trooper Creek rocks.
With $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques. The company intends to digitise and analyse existing mining data using AI mining software, alongside implementing techniques such as MobileMTd and LiDAR surveys to identify exploration targets. Mr. Ritchie stated that the company believes the Highway Reward Copper Gold Mine will provide exceptional value and returns to its Loyal shareholders.
Post Views: 1
