Cashed up Voltaic is back on the bourse and back on course exploring for REE, battery metals and gold
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Voltaic Strategic Resources has relisted on the ASX after successfully raising $4.55m through a heavily oversubscribed capital raising to fund its exploration plans.
The company, formerly known as EonNRG, is focused on exploring the Gascoyne rare earth elements and battery metals project, the Meekatharra gold and base metals project as well as the Nevada battery metals project.
This capitalises on the growing demand for REEs, lithium and other metals which are increasingly sought after for the future economy and is likely responsible for the strong uptake for its capital raising of 225 million shares priced at 2c each and 100 million options at 0.05c each.
Voltaic Strategic Resources’ (ASX:VSR) initial focus is centred on the Gascoyne project in the emerging Western Australia critical metals province of the same name, which is also home to the Yangibana REE project as well as recent discoveries by Dreadnought Resources, Kingfisher Mining and Arrow Minerals.
Further highlighting the growing interest in the Gascoyne, Tim Goyder-backed Minerals 260 has just acquired a large land package in the region for $15.5m, and Red Dirt Metals splashed out $25m to acquire the ‘Malinda Lithium’ project from a private holder last month. Both Minerals 260 and Red Dirt’s projects have already identified multiple targets and directly abuts Voltaic’s Ti Tree project.
“We are extremely pleased to have received a strong backing from the market and eagerly anticipate implementing our exploration strategy,” chairman John Hannaford said.
“Our initial focus will be our Gascoyne REE and Battery Metals project, which we look forward to rapidly exploring in pursuit of a globally significant REE, lithium or Ni-Cu-Co-PGE orebody.
“Our inaugural field reconnaissance program is currently underway, and our shareholders can expect regular progress updates.”
Voltaic’s Gascoyne project covers about 1,136km2 and hosts the West Well/Paddys, Talga/Talga West, Ti Tree and Kooline prospects.
It encompasses a part of both the Gascoyne Province and Ashburton Basin of the Capricorn Orogen, and is prospective for REE mineralisation hosted in iron-rich carbonatite dykes or intrusions, lithium-caesium-tantalum (LCT) bearing pegmatites, and magmatic nickel-copper-cobalt-PGE mineralisation.
What limited exploration carried out in the area has been focused on uranium, base metals, and diamonds with targeted REE and lithium exploration only occurring in recent years due to a surge in demand.
The company’s Meekatharra project hosts the Bundie Bore, Bluebird South and Cue prospects, all of which are located within trucking distance of established operations such as Westgold’s Bluebird and Tuckabianna mills, and around 150km from gold mines at Mt Magnet and Murchison.
Meanwhile, its Nevada project in the US is close to several active exploration and development projects.
This article was developed in collaboration with Voltaic Strategic Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.