Perth-based exploration company Minerals 260 has executed an agreement with White Cliff Minerals (ASX:WCN) to acquire the Yinnetharra Lithium-Rare Earths Project in northern Western Australia.
The Yinnetharra project comprises 6 granted exploration licences (EL) covering a total area of 920km-square in the Gascoyne Province. This acquisition follows the recent purchase of the adjacent 789km-square Nardoo Project from eMetals (ASX:EMT), and brings Minerals 260’s total landholding in the region to 1,709km-square including 9 contiguous ELs covering 1,154km-square.
Under the agreement, Minerals 260 will issue 7 million shares to White Cliff at a deemed issue price of $0.335 per share and will also pay $100,000 cash on completion.
These consideration shares will be subject to a voluntary escrow period of 6 months from completion of the acquisition, which is expected to occur on or before 11 April 2023.
Commenting on the agreement, Minerals 260 Managing Director David Richards says: “We have been transparent in our desire to have a significant presence in the Gascoyne region, and building a big land position in this highly prospective but underexplored region, located in a world-class mining jurisdiction, aligns strongly with our strategy.
To have secured tenure which bridges much of the area between the respective Red Dirt (ASX:RDT) and Kingfisher (ASX:KFM) Gascoyne projects, and which is interpreted to include the prospective stratigraphy and structures of those projects, has us very excited at the prospect of exploring the area.
“Focusing on Western Australia also means we can ensure the efficient use of funds and people to advance our projects by getting the drill rigs going as soon as possible”
Focusing on Western Australia also means we can ensure the efficient use of funds and people to advance our projects by getting the drill rigs going as soon as possible.”
Minerals 260 reports the Gascoyne Province has been explored historically for gold, base metals, tungsten, and uranium; however recent exploration by neighbouring tenement holders has highlighted the region’s prospectivity for both hard rock-hosted lithium (spodumene) and rare earth element (REE) deposits.
The company says it will establish a single project from the 2 land positions and undertake a detailed review of previous exploration data, which includes a recently flown low-level detailed magnetics and radiometric survey, prior to planning geochemical and geophysical programs to define targets for drill testing.
Field reconnaissance to assess targets generated by this work is scheduled to begin in April 2023.
Minerals 260 also reports its strong cash position of about $21 million as of 31 December 2022 ensures that it can ‘quickly’ progress exploration activities on the Gascoyne tenure while maintaining momentum at other key assets such as the Moora-Koojan Project in the Julimar region of Western Australia.
Minerals 260 is a Perth-based exploration company focused on its Moora-Koojan project in southwest Western Australia. The Koojan tenement is a joint venture (JV) between Minerals 260 and Lachlan Star (ASX:LSA) where Lachlan Star can earn a 51% interest in the tenure. The Moora tenement is wholly owned by Minerals 260.
The company also holds the Dingo Rocks Project near Esperance which is considered prospective for nickel-copper-PGE mineralisation.
Images: Minerals 260 Ltd
