Minerals 260 Limited (ASX: MI6) has agreed to acquire 100% of private company Capricorn Orogen Pty Ltd, which holds the Ti Tree Project, located approximately 200km east-northeast of Carnarvon and 900km north-northeast of Perth in Western Australia.
The Ti Tree Project comprises 20 granted, contiguous EL’s covering a total area of ~3,900 sq. km of the highly prospective, but under-explored Gascoyne Province.
The Ti Tree Project has been explored historically for precious and base metals. More recently, exploration by Capricorn and neighbouring tenement holders has highlighted the region’s prospectivity for REE and lithium.
Exploration undertaken by Capricorn on the Project includes:
- Compilation and validation of historic exploration data.
- Re-processing and interpretation of publicly available geophysical datasets.
- Acquisition of high-resolution aeromagnetic, radiometric and gravity datasets.
- The collection of >15,000 ultrafine fraction soil samples.
- Reconnaissance campaigns including rock chip sampling.
- Prospectivity and targeting studies work has defined multiple targets which will be the focus of Minerals 260’s initial exploration work.
In addition, the company will undertake a review of the prospectivity for REE and lithium, the potential of which has only recently been recognised in the area.
Importantly, government permitting is in place to enable drilling to commence over key areas once targets have been validated and heritage clearances secured.
The acquisition of such a large, contiguous area in an emerging, highly prospective region is an exciting opportunity for Minerals 260 and our shareholders,” Managing Director, David Richards, said.
“The deal is consistent with the company’s philosophy of targeting under-explored areas, previously considered less fashionable, with the potential to discover truly world-class mineral deposits.
“In this regard, Ti Tree is a complementary addition to our flagship Moora Project, representing a high-quality geological opportunity in an under-explored region with the potential for large-scale discoveries in a basket of commodities that fits extremely well with our strategic focus.
“We look forward to rapidly advancing the Project and building on the extensive knowledge gained from several years of quality exploration work and getting the drill rigs going as soon as possible.”
