Teck Australia has won the tender to explore 102sq km near Cloncurry in an area prospective for zinc, lead and silver.
Teck Australia is a a wholly-owned subsidiary of Canada’s Teck, one of the world’s biggest producers of base metals as well as specialty metals such as germanium, indium and cadmium.
Queensland Mines Minister Dr Anthony Lynham said the latest development came in the wake of base metals prices jumping over the six months to December, with zinc prices rising 35 per cent and lead by 32 per cent.
The Cloncurry tender was announced last year as the first land release in Queensland’s first annual exploration program.
Dr Lynham said the exploration forward plan provided certainty and opportunity to industry, investors and local communities.
Meanwhile Pursuit Minerals (listed as Burrabulla Corporation) is focusing on two north-west Queensland base metals projects it acquired from Teck Australia this year – Paperbark (25km south-east of Century mine) and Bluebush (72km north-east of Century).
It says Bluebush hosts what may be the largest zone of zinc mineralisation in Australia, while Paperbark has significant potential to host a major copper oxide of sulphide deposit.