Caprice Resources (ASX:CRS) has exercised an option agreement to acquire 90% of the Bantam Project in the West Arunta region of Western Australia.
The project comprises four contiguous tenements covering 1,470km2, making it one of the largest landholdings in the West Arunta region.
Under the binding option agreement, Caprice paid $30,000 to vendor HJH Nominees and $1.03 million, as well as a $1.1 million sum over three deferred milestones.
Chairman Glenn Whiddon says this secures the company a commanding land position in a highly fertile and chronically underexplored region.
“We look forward to commencing geophysical works upon our granted tenement and building our relationship with the local Kiwirrkurra community as we work through the appropriate heritage approvals process,” Whiddon says.
As part of due diligence, Caprice completed a high-level desktop review of the Bantam Project.
Geophysical consultants Resource Potential, along with Cadre Geological consultants, have compiled all available data on the project and produced high-priority targets for follow-up exploration work.
The targets are based on trends and structures observed in geophysical surveys overlapping with areas of prospective lithologies, which features similar to those being explored by neighbouring leaseholders for niobium and rare earths enriched carbonatites and iron oxide copper gold mineralisation.
Caprice aims to follow a similar path using magnetics and gravity to refine high-priority targets for ground truthing and drill testing.
Plans are currently in place to fast-track priority targets through detailed aeromagnetic surveys and on-ground reconnaissance and assessment, focusing on granted lease E80/5873.
Licences E80/5872, 5896, and 5915 are pending being granted and are subject to desktop review and targeting work. On-ground activities will begin post granting licences.
The company says future works including ground-based gravity surveys for target refinement will begin following heritage negotiations.
Concurrently, an executive search has begun to uncover and appoint a suitably qualified CEO to lead Caprice’s strategic and operational goals as exploration ramps up.
Write to Aaliyah Rogan at Mining.com.au
Images: Caprice Resources
