Mineral sands developer Matilda Zircon Ltd (ASX:MZI)
says it has decided to halt exploration on Cape York in Northern Queensland, because of the environmental sensitivity surrounding the QLD Government’s Wild River’s legislation.
Matilda held more than 1,530 square kilometres of exploration tenements and applications in the Cape York Peninsula.
However, the explorer says it has decided to relinquish the tenements and focus on its other projects given the environmental sensitivity of the Western Cape York region and the likelihood of a long and costly approval process.
Technical director Peter Gazzard says the decision to relinquish the tenements follows a recent decision by the QLD Government to lock up part of a nearby bauxite project under the Wild Rivers legislation.
In light of this decision, Mr Gazzard says the company has decided to relinquish all its tenements and tenement applications on the Peninsula.
Matilda Zircon has posted net losses in the last three fiscal years.