Traka Resources (ASX:TKL) has withdrawn from an option agreement with privately held Xtrax and Reemet, to acquire an 80% interest in the Mavago and Meponda projects in Mozambique.
After completing due diligence work, Traka determined the projects no longer aligned with the company’s strategic objectives.
Withdrawing from the option agreement enables the company to focus on its base metal, battery, and precious metal projects that are currently being reviewed.
Traka says it remains committed to progressing its existing assets in Gorge Creek and Cranbrook.
The Gorge Creek Project lies within the prospective Mt Isa inlier and Carpentaria Province in North Queensland. The region hosts numerous tier one base metals mines.
Meanwhile, the Cranbrook Project is considered prospective for rare earths, covering 900km2 in the Albany Fraser Orogen Zone in Western Australia.
On 27 June 2024, Traka initially signed a 90-day option agreement to acquire an 80% interest in the Mavago and Meponda projects.
Both projects are considered prospective for rare earths and niobium and sit in the Niassa Province of north-western Mozambique. They have similar geological settings to other developing rare earths and niobium projects in the East African Rift Valley Zone — an emerging exploration and mining destination.
Traka Resources is a junior explorer headquartered in Western Australia with a diversified range of projects in Queensland and Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Traka Resources
