Bubalus Resources (ASX:BUS) is awaiting the final approval required to begin clearing and drilling at the Nolans East Rare Earths Project in the Northern Territory after securing environmental approval.
The company is continuing discussions with the pastoral station owner, on which Nolans East falls on, to agree on a land access agreement. While Bubalus is hopeful of finalising the land access agreement in due course, the company says there is no ability to define a date by which this will occur.
Once the land access agreement is secured, Bubalus will be able to engage contractors to kick off clearing of drill pads and secure a drilling contractor.
The start date of the drilling program will be dependent on access and equipment availability.
After receiving environmental approval from the Northern Territory Department of Lands, Planning and Environment, Bubalus paid the required security to the Department of Industry, Tourism and Trade and has received the statutory notice of authority to begin mining activities.
Bubalus’ share price increased 21.73% to $0.140 by 1pm AEDT yesterday (5 November).
The Nolans East Project is considered prospective for rare earths and covers a 380km2 area in the Arunta Province.
Bubalus Resources is a critical minerals and rare earths-focused explorer that owns projects located in the Northern Territory and Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Bubalus Resources
