Zambezi Resources Ltd (ASX:ZRL) has acquired two exploration tenement applications in the Northern Territory known as the Lawn Hill Project.
The tenements contain highly prospective geology with the potential to host large scale sediment hosted zinc-lead deposits similar in style to the world class Century deposit.
Host rocks within Lawn Hill can also be related with those of the McArthur Group which contain one of the world’s largest sediment hosted base metals deposits, the McArthur River mine.
Very limited modern exploration has been conducted with only one major phase of work completed during the 1980s.
Zambezi acquired the tenement applications for a $10,000 upfront cash payment and $50,000 worth of shares upon tenement grants.
Further payments of $1 million and $3 million will be required upon the public release of JORC compliant zinc equivalent resources.
Following the capital raising completed in August, the company will undertake an additional raising to secure up to $700,000 subject to shareholder approval.
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