Castile Resources has secured the major project status for its fully owned Rover 1 iron oxide copper gold (IOCG) project from the Northern Territory government in Australia.

The project is situated in the historically significant copper/gold fields of the Tennant Creek region in the Northern Territory.

It is anticipated to yield essential and valuable minerals downstream, including gold, 99% copper, 99% cobalt, and high-grade 96.5% magnetite.

The major project status status has been awarded to the Australian IOCG project for its potential to contribute to the economic development of the Northern Territory by generating direct employment and business opportunities to service providers.

Northern Territory Chief Minister Eva Lawler said: “The Territory Labor Government is developing a thriving economic landscape, and our rich critical minerals market is key to unlocking it.

“Castile Resources’ Rover 1 project is exciting for many reasons ranging from the economic benefits to job creation and their steadfast commitment to maximising outcomes for the local community of the Barkly”.

The Rover 1 project’s status includes the establishment of a dedicated project control group to coordinate all key government departments’ involvement in the project.

It also involves the commitment from Castile Resources and the Northern Territory government in proactively identifying and seeking to address, reduce, and manage relevant issues for each stage of the IOCG project as required.

The major project status will also provide Castile Resources with assistance in facilitating the final investment decision for the Rover 1 project.

Castile Resources managing director Mark Hepburn said: “Our strategy of producing downstream critical minerals in the Northern Territory is strongly aligned with the Northern Territory Governments goal of becoming a major hub for mining, processing, and refining of critical minerals for the 2050 net-zero transition.

“We aim to develop a sustainable mining and processing operation that benefits all our stakeholders and shareholders.”

Castile Resources and the Northern Territory government plan to commence work by convening the project control group as early as possible and advancing the Rover 1 project towards development.