Arrow Minerals has agreed to acquire the Turee Creek iron ore project, growing the company’s total landholding in the Pilbara iron ore region by more than 400 per cent to exceed 1,600 square kilometres.
Arrow has also lodged 12 new first-in-time exploration applications in Western Australia.
Under the binding share purchase agreement with Ground Risk Pty Ltd, Arrow will acquire 100 per cent of Roches Resources Pty Ltd, owner of the Turee Creek project.
Consideration includes AU$150,000 in Arrow shares subject to a six-month escrow, plus AU$20,000 in cash reimbursement for project costs. Ground Risk will retain a 1.5 per cent gross revenue royalty, which Arrow holds a first right to buy back.
The transaction is expected to complete within two months.
The newly targeted ground includes prospective geology located immediately adjacent to or near major mining operations operated by Rio Tinto, Fortescue, Mineral Resources, and Hancock Prospecting. Three of the new tenement applications sit within 60 kilometres of a bulk commodity export port constructed for new iron ore exporters.
The Turee Creek acquisition comprises two tenement applications located approximately 40 kilometres along strike from Rio Tinto’s Paraburdoo and Channar operations.
The project covers a 48-kilometre strike extent of the prospective Brockman Iron Formation. Combined with Arrow’s adjacent applications, the Turee Creek landholding will total 833 square kilometres.
Managing Director David Flanagan said the company is rapidly building a potentially company-making land position in the world-class mining province.
“The project acquisition and applications will give us direct access to highly prospective geology and numerous drilling targets on the doorsteps of some of the Pilbara’s biggest iron ore operations,” Flanagan said.
“Our focus will be low capex, shared infrastructure and speed to market. The Pilbara remains an amazing frontier for iron ore exploration, discovery, development, and value creation.”
