Western Yilgarn (ASX:WYX) has acquired the Cardea 3 Bauxite Project in the Darling Range Bauxite Mineral Field north of Perth, Western Australia for $25,000 following the completion of vacuum drilling.
The company paid a deposit of $5,000 cash following the execution of the term sheet, followed by a payment of $20,000 cash in exchange for $25,000 in shares at an issue price equivalent to the 20-day volume weighted average price (VWAP) prior to the date of agreement.
Western Yilgara has conducted 433 vacuum drillholes across the prospect, with 139 drillholes returning available alumina exceeding 34.5% and averaging 3.14% of reactive silica content.
Historical vacuum drilling at the prospect includes 7m @ 40.67% total aluminium oxide from surface with 4m @ 37.7% available aluminium oxide and 2.5% reactive silica dioxide.
Surface bauxite mineralisation has a laterite profile similar to other deposits in the Darling Range, running over 3km by 1km in width.
Non-executive Director Pedro Kastellorizos says the acquisition of the project will provide “significant” salability and potential for the company to increase its bauxite tonnage and grade.
“The project’s proximity to a multi-user railway, within trucking distance, is a key logistical advantage, especially in the current market environment of record alumina and bauxite prices,” Kastellorizos says.
Western Yilgarn says surface and drilling geochemistry, as well as interpreted geophysics, have identified multiple targets for future exploration. Laterite and pisolitic gravels defined in a geological survey will similarly be targeted.
The Cardea 3 Bauxite Project is located about 17.5km east from the company’s 168 million tonne Julimar West Bauxite Project that falls in the Darling Range in Western Australia. The company says the project is well-positioned to meet growing demand for direct shipping ore bauxite.
The Darling Range comprises granite and gneiss of the Yilgarn Craton, with minor areas of metasediment and greenstone lithologies. Archaean granite and gneiss units are affected by the weathering process creating bauxite enrichment in the form of gibbsite. These geological units underlie the laterite which is prospective for subsequent bauxite mineralisation and exploration.
Write to Maddison Elliott at Mining.com.au
Images: Western Yilgarn
