CuFe secures tenure in established WA lithium province
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CuFe has entered an agreement to acquire tenement E15/1495 within the emerging Southern Yilgarn Lithium Belt in WA.
The Belt includes the known spodumene deposits such as the Bald Hill Mine, the Pioneer Dome Project, Manna Lithium Project and the Buldania Project, with the project covering approximately 14 square kilometres of ground 20km south of Mineral Resources’ (ASX:MIN) Mt Marion Mine and within 6km of the Spargos Reward Gold Mine.
The company will pay $300,000 cash, a $300,000 milestone payment payable in the event production occurs in the future from the tenure, and a 1% gross sales royalty.
The vendor retains rights to gemstones on the tenement, and with no conditions precedent, completion is to occur within 20 business days.
“While it’s early days for this ground, it is clearly located in a prospective geological setting which hosts several other commercial lithium discoveries.
“If we have exploration success, the proximity to existing lithium concentration facilities and the CuFe team’s prior experience in lithium DSO export offer clear pathways to market.
“Our experienced exploration team is ready to get started and will be on the ground shortly.”
The tenement has been historically explored for both nickel and gold and to date there has been little or no modern exploration for lithium, rare earth minerals or tantalum on the tenure.
However, CuFe has identified the potential within the tenement to host high grade lithium bearing pegmatites that are common in the area.
The plan is to commence fieldwork immediately after completion, with boots on ground expected next month for detailing mapping and rock chip sampling.
This article was developed in collaboration with CuFe Limited, 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.