TNG Limited
(ASX:TNG) has announced it has discovered a long term water source for its Mount Peake project in the Northern Territory.
The project, supported by the NT Govenment, hopes to produce high purity strategic metals including vanadium, titanium and iron.
The discovery of a large aquifier system around 20km from the project lowers costs and risks for the project. The system, located below the Hansen River, is large enough to provide enough water for the process plant, camp water and site dust suppression for the next 20 years.
TNG Managing Director Paul Burton said that identifying a long term water source was a key requirement for the operation and the discovery ticks an important box for the feasibility study.
TNG posted a net loss of $2.7 million for the first six months of the 2015 financial year.
