Forrestania Resources pens option deal to snap up 2 tenements contiguous to existing WA landholding

Gold, lithium, and nickel explorer Forrestania Resources (ASX:FRS) has inked a 2-year option agreement with private company Outback Minerals to acquire 4 tenements contiguous to its Leonora Gold Project in Western Australia.

The company reports it will acquire the Alexandra Bore/Breakaway Dam and Bonnie Vale tenements, which are complementary to Forrestania’s existing land position in the Eastern Goldfields area.

Under the option agreement, Forrestania will pay an initial option fee of $50,000 followed by a further $50,000 on the anniversary of the agreement. To exercise this option, Forrestania will be required to issue $950,000 worth of FRS shares and pay $150,000 cash to Outback.

Commenting on the acquisition, Forrestania Resources Managing Director, Michael Anderson says: “This option agreement is another example of Forrestania’s strategy to maximise opportunity and discovery potential.

This option agreement is another example of Forrestania’s strategy to maximise opportunity and discovery potential”

We are confident that these tenements add significant value to our portfolio, and we look forward to getting on the ground to follow up on the historical results and known pegmatite occurrences.”

Forrestania reports the new tenements are ‘highly prospective’ for lithium, gold, and copper and notes both tenements have known and outcropping pegmatites. However, no effective lithium exploration has previously been conducted on the tenements.

Historical drilling results recorded at Bonnie Vale include hole BVRB059, with 8m of muscovite pegmatite from 8m to end-of-hole, which was not assayed for lithium; and AA06, with 15m @ 5.28g/t Au from 21m.

At Alexandra Bore/Breakaway Dam, hole BDRC10 intersected 6m @ 1.19% Cu and 11.07g/t Ag, including 1m @ 3.86% Cu, from 185m.

Forrestania Resources is a Perth-based multi-commodity exploration company searching for gold, lithium, and nickel in Western Australia. The company’s portfolio of assets includes the Forrestania, Southern Cross, and Leonora projects in Western Australia.

The Leonora Gold Project is located north of Kalgoorlie and comprises 14 tenements over an area considered to be prospective for large-scale multi-commodity discoveries.

Images: Forrestania Resources Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.