CuFe Ltd (ASX:CUF) is making steady progress towards its maiden drill program at North Dam lithium and rare earth elements (REE) project that is set to commence in the March quarter of 2024, while also significantly increasing its landholding at the West Arunta project.
North Dam lithium and REE project
The North Dam project lies within the heart of the 'lithium corridor' between Mineral Resources’ Mt Marion Lithium Mine and the Pioneer Dome Lithium Project of Essential Metals Ltd/Develop Global Ltd.
Further exploration work at North Dam (E15/1495) has defined drill targets for testing, while regulatory approvals for the maiden drill program are underway, with supporting flora surveys completed and heritage agreements also in progress.
Fieldwork at the project included field mapping of pegmatite outcrops and rock chip sampling as it prepares for the maiden drill program, along with the submission of a program of works (POW) and flora survey of proposed drill lines.
Around 70% of the licence area has now been mapped and a recent targeted mapping and rock chip sampling campaign has greatly improved the spatial definition of previously and newly identified pegmatites.
Additional North Dam mining lease
The company also advises that it has acquired a small mining lease, MLN 15/1841, in the North Dam region, which is surrounded by existing CuFe tenure.
This lease sits in a highly prospective trend and within a drill target area that CuFe intends to drill and explore. It was purchased for $50,000 plus a 1% sales royalty on material sourced from the lease.
CuFe executive director Mark Hancock said: “We have continued to make good progress on our greenfield exploration projects.
"More fieldwork and recent rock chip results from North Dam have defined several exciting drill targets for lithium, rare earths and niobium.
"Nearby explorers are having success with current drill programs, and we are working hard to get all approvals in place in time to have drills turning in the March quarter 2024.
“The tenement has had very little drilling historically, so we are excited to test some of these outcropping pegmatites below the surface, including those within the recently acquired MLN 15/1841, and where rock chip sampling has identified presence of spodumene, elevated pathfinder elements and anomalous REE."
West Arunta project
Additionally, CuFe is in the process of significantly increasing its West Arunta project (E80/5925) following recent niobium and REE discoveries, with tenure applications in progress for new ground adjacent and adjoining existing CuFe applications.
An additional area of around 170 square kilometres has been applied for through the West Australian Mining Act regulatory process, adding to the existing 48 square kilometres of tenure previously acquired.
“In the emerging West Arunta exploration province we have grown our tenement package to increase our opportunity to follow on from the niobium and rare earth element discoveries occurring there recently,” said Hancock.