Newmont sells exploration projects in Australia to Inflection Resources

Inflection Resources (CSE: AUCU) announced Monday it has entered into a definitive agreement to acquire two Australian copper-gold exploration projects in Australia from Newmont (NYSE: NEM).

One project, Tennant East, is located in Northern Territory. It comprises 12 exploration licenses covering a number of iron oxide copper gold (IOCG) targets that have received minimal exploration work to date.

The other, Bell River, is located in the Macquarie Arc of central New South Wales. Inflection considers this project to be “highly prospective” for copper-gold discoveries, with the presence of outcrops interpreted to represent the upper parts of preserved porphyry systems.

Inflection CEO Alistair Waddell calls this acquisition “the culmination of an extensive evaluation process.”

“The Tennant East and Bell River projects meet our rigorous selection criteria, particularly regarding the scale and quality of individual exploration targets and concepts,” Waddell stated in a news release.

“These new projects complement our existing New South Wales portfolio and will be explored in parallel with our current AngloGold Ashanti-funded exploration program.”

Last year, Inflection announced a collaboration with Australian microsatellite developer Fleet Space Technologies to pioneer the use of space technology and AI to accelerate the discovery of large-scale copper-gold deposits in the Macquarie Arc.

Inflection Resources’ stock closed the day down 1.79% in Toronto. The company has a C$30.9 million ($22.8 million) market capitalization.