TNT Mines Pty Ltd has entered a joint venture with Clancy Exploration Ltd over two exploration licences in northwest Tasmania. TNT is a subsidiary of ASX-listed Minemakers Limited. In November 2010, Minemakers announced its intention to spin-off TNT via an initial public offer to raise $10 million, with 40% of the shares in the listed company to be distributed in specie to Minemakers shareholders.
Under the terms of the transaction, TNT Mines can earn a 75% equity in two exploration licenses, Oonah and Waratah, in northwest Tasmania by meeting exploration commitments for the 2011 year. The latter property surrounds the historic Mount Bischoff open pit mine, which was operated most recently by Metals X. TNT’s existing interests includes a number of tin-tungsten projects in the Rossarden district of north east Tasmania near the historic Aberfoyle and Storey’s Creek mines, which could be exploited by a mix of open cut and underground mines serving a common mill. Minemakers itself is focused mainly on the development of a large rock phosphate project in Australia’s Northern territory.
