Miramar Resources (ASX:M2R) has expanded its Eastern Goldfields portfolio with an option to acquire an exploration licence application 90km east of Kalgoorlie, Western Australia.
The company believes the application has potential for the discovery of gold, lithium, and rare earths mineralisation, but has been underexplored, with minimal previous drilling.
At the end of April, Debnal Pty Ltd — a company controlled by Miramar’s Executive Chairman Allan Kelly — was awarded a 14-day period to apply for the licence ahead of competing applications, including from Fortescue (ASX:FMG) and Hancock Prospecting.
The application was submitted by Debnal on 8 May, and Miramar has now agreed to reimburse Debnal for those costs in exchange for a 12-month option to acquire the application. That period may be extended by six months for another $10,000.
Should Miramar elect to exercise the option, it must pay $50,000 in cash to Debnal and issue shares worth $50,000, based on the five-day volume-weighted average price.
The exploration licence sits adjacent to Global Lithium Resources (ASX:GL1) Manna Lithium Project, as well as a recent rare earths discovery by Kairos Minerals (ASX:KAI) at its Black Cat prospect.
Miramar Resources is a Western Australia-focused mineral explorer targeting gold, copper, and nickel-copper-platinum group element deposits in the Eastern Goldfields and Gascoyne regions.
Write to Aaliyah Rogan at Mining.com.au
Images: Miramar Resources
