CuFe Ltd (ASX:CUF) has snapped up a 64-square-kilometre parcel of land in the niobium-prospective West Arunta region of Western Australia.
The tenement, E80/6052, is 13 kilometres northeast of the company’s existing West Arunta Project and 18 kilometres northeast of Lycaon Resources’ Stansmore niobium-rare earth project.
This acquisition expands the company’s position in the emerging West Arunta niobium province to more than 281 square kilometres.
Targets already identified
A geophysical review of 3D inversion modelling magnetic data over the area has picked out two prospective targets.
The company is working on land access negotiations with the Parna Ngururrpa Traditional Owners Group to facilitate the commencement of on-ground works.
The sale involved an upfront payment of $10,000 cash and $25,000 in CuFe shares at an issue price of 1.6c per share (1,562,500 shares).
Upon the later of the grant of the tenure or the execution of a heritage agreement, a further payment is due of $50,000, to be made in cash.
CuFe executive director Mark Hancock said: “We are pleased to acquire new ground in the exciting West Arunta region.
“This acquisition gives us an additional target area that shows the right geophysical characteristics to represent carbonatites/intrusive bodies.
“The tenement has synergies with our existing landholding and there has been very little exploration undertaken in this area historically.
Heritage and access in train
“We continue to work with Parna Ngururrpa Traditional Owners Group in aim of securing a heritage and land access agreement, which is required to commence on ground works given the tenure is located with an Aboriginal Reserve area.”
In other news, two of the company’s three previous tenement applications, E80/5925 and E80/5950, were granted by the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) on May 30 and June 4 respectively, with the third expected to proceed to grant within the next month.