Tartana Minerals has accelerated its copper production and exploration efforts in Far North Queensland by mining high-grade pit fill, installing a new chiller system, and launching its largest drilling campaign to date.
- 50,000 tonnes of high-grade pit fill stacked for heap leach copper extraction
- New chiller system near completion to restart copper sulphate production
- UDR 650 drilling rig acquired for a 21,000m multi-mineral exploration program
- Progress on Montalbion silver project and environmental approvals for tailings dam
- Over $4 million raised through equity placements with director participation
Heap Leach Pad Stockpiling Targets Higher Copper Recovery
Tartana Minerals (ASX:TAT) has stacked 50,000 tonnes of mineralised pit fill on its heap leach pad, focusing on material sourced from the eastern zone of its open pit which averages 0.22% leachable copper, with pockets exceeding 0.5% Cu. This restacking initiative aims to boost copper recovery ahead of the copper sulphate pentahydrate production restart, which has been temporarily paused due to wet season weather and the decision to upgrade plant infrastructure.
New Chiller System to Revive Copper Sulphate Production
The company is on the cusp of installing a new chiller system fabricated by Casco in Cairns, designed to replace the original, unreliable chillers that malfunctioned late last year. The upgrade is expected to enhance plant reliability and capacity, with copper sulphate pentahydrate production set to resume shortly after installation. Additionally, a stripped organic after-settler has been designed to improve organic recycling efficiency in the solvent extraction process.
Expanding Exploration with New Drilling Rig and Record Campaign
To accelerate resource definition and exploration, Tartana has purchased a UDR 650 drilling rig, expected on site imminently. This rig will initially be deployed to upgrade the copper resource at Tartana, targeting an increase to over 100,000 tonnes of contained copper. The rig will subsequently support drilling at remote projects such as Nightflower (silver-antimony) and Daisy Bell (tin-tungsten). The company’s 21,000-metre drilling program across eight prospects represents its most extensive campaign ever and covers a diverse suite of metals including copper, gold, silver, antimony, tin, tungsten, and zinc. This ambitious program follows the recent announcement of a $4.5 million capital raise to fund exploration and production expansion efforts $4.5M to Expand Copper Output and 21,000m Drilling Push.
Advancing Montalbion Silver Project and Environmental Approvals
On the silver front, Tartana is progressing the grant of EPM 27220, covering the historic Montalbion and Victoria Amalgamated silver mines known for high-grade silver-lead-zinc mineralisation. The company plans to drill down dip from previous shallow workings to delineate the orebody further. Concurrently, Tartana is preparing amendments to its Environmental Approval to incorporate a tailings dam design at the Tartana mine site, a critical step for future processing plant upgrades. Interest from potential financiers in constructing a second-hand plant with larger capacity is also being pursued, which could enable treatment of lower-grade copper resources and upgraded gold mineralisation from nearby projects.
Corporate Activity and Financial Position
During the quarter, Tartana completed two significant equity placements totaling over $4 million, including director participation, and appointed Sonny Didugu as a director. Despite these capital injections, cash flow was negative due to the wet season hampering plant operations and the timing of capital improvements. Cash receipts from customers were nil this quarter but are expected to resume in May following the plant restart. The company currently holds approximately $304,000 in cash and has several convertible note facilities outstanding, with binding commitments for the remaining $1.01 million of the February placement tranche expected imminently. Tartana’s available funding covers less than half a quarter of operating costs, underscoring the importance of timely capital inflows and operational ramp-up to sustain activities.
Outlook Hinges on Production Restart and Drilling Results
Tartana’s near-term trajectory depends heavily on the successful installation of the new chiller system and resumption of copper sulphate production, which will restore revenue streams after a weather-induced pause. Meanwhile, the expanded drilling program and new rig acquisition position the company to potentially upgrade and expand its resource base significantly, particularly for copper and critical metals. Progress on the Montalbion silver project and environmental approvals for processing infrastructure add further layers to Tartana’s development pipeline. However, the company’s tight cash position and reliance on forthcoming capital receipts highlight ongoing financial risks amid its growth initiatives.
Bottom Line?
Tartana’s operational upgrades and aggressive exploration set the stage for growth, but funding timing and production restart remain pivotal near-term variables.
Questions in the middle?
- Will assay results from the expanded drilling program materially increase Tartana’s copper and critical metal resources?
- How soon can the new chiller system be installed and copper sulphate production fully resume to generate steady cash flow?
- What are the prospects and timeline for securing financing and approvals to build a larger processing plant at Tartana?