CuFe Ltd (ASX: CUF) has expanded its position in the emerging West Arunta Niobium province to over 281 sq. km with the acquisition of permit, E80/6052, located 13km north-east of its existing tenure.
CuFe has entered a binding agreement to acquire exploration application E80/6052 from an unrelated entity, Territory Prospecting Pty Ltd. The terms of purchase comprise an upfront payment of $10,000 cash and $25,000 in CuFe shares at an issue price of 1.6c per share (1,562,500 shares). Upon the later of the grant of the tenure or the execution of heritage agreement a further payment is due of $50,000, to be made in cash.
“We are pleased to acquire new ground in the exciting West Arunta region. This acquisition gives us an additional target area that shows the right geophysical characteristics to represent carbonatites / intrusive bodies," Executive Director, Mark Hancock, said.
"The tenement has synergies with our existing landholding and there has been very little exploration undertaken in this area historically. We continue to work with Parna Ngururrpa Traditional Owners Group in aim of securing a heritage and land access agreement, which is required to commence on ground works given the tenure is located with an Aboriginal Reserve area.”
The new tenement is located 13km North-East of CuFe’s West Arunta Project and 18km North-East of Lycaon Resources Stansmore Nb-REE Project. The tenement covers an area of 64 sq. km, which has increased CuFe’s tenement holding from 217 sq. km to 281 sq. km.
The tenement was previously held by CRA Ltd in the early nineties who were pursuing the geophysical target as a potential kimberlite pipe however no exploration on ground was undertaken.
The company has confirmed that two of its three previous tenement applications E80/5925 and E80/5950 have been granted by the Department of Energy, Mines, Industry Regulation, and Safety (DEMIRS), with the third expected to proceed to grant within the next month. The granted tenure covers an area of 58 sq. km and forms part of the company’s 100% owned West Arunta Project.
On ground exploration activities are restricted until a signed agreement is in place with the Parna Ngurrurrpa Traditional Owners Group and approval is given by the Minster of Aboriginal Affairs. CuFe continues to work with the group on achieving this.
