The company plans to kick off mapping and sampling work as soon as possible. Pic: via Getty Images.
CuFe picks up promising niobium and lithium tenure in two of WA’s emerging critical minerals provinces
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CuFe has entered into an agreement to acquire two exploration tenements considered prospective for future facing critical minerals.
Tenement E80/5925 is considered prospective for carbonatite hosted REE including niobium and encompasses Lycaon Resources’ (ASX:LYN) Stansmore project where magnetic targets have been identified that have the potential for REE-carbonatite mineralisation.
It’s also smack bang in the middle of the West Arunta region, which is emerging as a sought after exploration location following the success of companies WA1 Resources (ASX:WA1) and Encounter Resources (ASX:ENR) in discovering Rare Earth Elements (REE) including niobium.
Tenement P45/3061 is considered prospective for lithium, and is located the Tambourah region of the Pilbara – 90km south of Pilgangoora and Wodgina lithium operations and in close proximity to Trek Metals (ASX:TKM) who have recently commenced a drilling campaign targeting spodumene.
Consideration for the acquisition is 30,000,000 shares in CuFe (ASX:CUF), preserving cash for work in the ground.
Potential for game changing discoveries
The company is confident these early stage projects provide an opportunity to chase game changing discoveries for future facing commodities, while progressing more mature projects at Yarram (iron ore) and Tennant Creek (copper) towards production.
“We are pleased to secure these exciting exploration opportunities for CuFe,” executive director Mark Hancock said.
“The West Arunta region is attracting a lot of attention recently with exciting results from the likes of WA1.
“The Tambourah project complements our recently acquired lithium tenements near Coolgardie and increases our likelihood of exploration success in this space.
“We now have exposure to two of the largest lithium provinces in Australia.”
Mapping and sampling work planned ASAP
E80/5925 in the West Arunta region is located in an “A Class” Aboriginal reserve and exploration in the area will require the approval of the Mines Minister, however other explorers are active in the region within the Aboriginal reserve.
The initial focus of activities will be desktop studies while progressing the tenure and obtaining permission to explore.
Tenement P45/3061 in the Tambourah region has historically been explored for gold and there has been no known exploration for lithium.
The company will look to commence mapping and sampling work immediately on P45/3061 with a view to identifying drill targets.
This article was developed in collaboration with CuFe, 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.
