CuFe Ltd (ASX:CUF) has continued to expand its critical minerals portfolio with the addition of lithium and rare earth element mineral rights over tenement M15/1893.
The tenure sits in the emerging Southern Yilgarn Lithium Belt, some 48 kilometres south-southeast of Coolgardie, in the Goldfields region of Western Australia.
Previously explored primarily for gold, the tenement covers 7.4 square kilometres. The acquisition agreement includes no upfront consideration, instead taking the form of a rights swap, with CuFe providing the vendor with gold rights over the permit.
With the Platts lithium spodumene price lifting to US$3,500 per metric tonne last week, the battery metal is certainly in high demand.
Regional success boosts confidence
“We are pleased to secure these rights in a commonsense way that enables each company to focus on their commodities of choice and maximise use of the ground,” CuFe executive director Mark Hancock said.
“There is a lot of activity in the region, as illustrated by the recent acceleration of Mineral Resources farm-in to the Marquee Resources tenure which surrounds our ground, so that encourages us that we are in the right region.
“We look forward to the outcome and results of the planned field work across this tenement package.”
CuFe has already kicked-off initial field work at the permit, just 30 kilometres from Mineral Resources’ Mt Marion Lithium Mine, which is currently being upgraded to produce 900,000 tonnes of mixed grade spodumene concentrate per annum, and just 2 kilometres along strike from CUF’s recently acquired tenement E15/1495.
Read: CuFe adds lithium to mineral portfolio with strategic acquisition in WA’s emerging Southern Yilgarn Lithium Belt
In further evidence of the regions’ prospectivity, the new tenement also sits directly along strike from the Marquee Resources West Spargoville Lithium Project, where recent drilling revealed lithium grades up to 1.1%.
Tenement Location and Regional Overview.
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