CUF acquires E80/6052, 13km east of existing tenure
Review of 3D inversion modelling magnetic data has identified two prospective targets
Land Access agreement negotiations are ongoing to facilitate on-ground works
Special Report: CuFe has entered a binding agreement to acquire another exploration licence in one of WA’s critical mineral hotspots, expanding its position in the West Arunta to over 281km².
WA’s West Arunta region has piqued investor curiosity ever since explorer/ developer WA1 Resources (ASX:WA1) uncovered top-shelf grades of niobium and rare earths at the Luni carbonatite in 2022.
That maiden drilling program returned a standout intersection of 30m at 4.7% Nb2O5, one of many high-grade hits which compare very well to the three major niobium mines in the world – two are between 1% and 2.5% ore grade, the third at around 0.5%.
CuFe’s (ASX:CUF) tenements are adjacent to Lycaon Resources’ (ASX:LYN) Stansmore project, which is just 90km from WA1’s acreage.
Its tenure covers several magnetic anomalies that show some similarities to recent carbonatite/niobium discoveries in the region.
A geophysical review of airborne magnetic data in April this year identified nine targets that could represent carbonatite intrusive niobium and REE mineralisation in three areas.
Acquisition of tenure expands landholding
CUF has now entered into a binding agreement to acquire another exploration licence, E80/6052, from Territory Prospecting, 13km north-east of existing tenure expanding its position to more than 281km2.
The terms of purchase comprise an upfront payment of $10,000 cash and $25,000 in CUF shares at an issue price of 1.6c per share.
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.
CUF says the tenure, covering an area of 64km2, is on land of the Parna Ngururrpa Traditional Owners Group and exploration requires the consent of the Minister of Aboriginal Affairs.
CUF’s new tenement, E80/6052. Pic: CuFe
Two of its 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.
Two key anomalies for further review and exploration
A geophysical review of the publicly available airborne magnetic data for the newly acquired tenement identified two key anomalies labelled T1 and T2.
More detailed interrogation of the magnetic data using a half vertical derivative over the TMI imagery indicates the anomalies could represent various forms of volcanic intrusive, including the potential for carbonatites.
Although the target areas identified could represent magnetic responses other than carbonatite intrusions, the review has provided valuable context to the very early exploration strategy and work streams planned for when access to the ground is granted.
Early on ground exploration will include mapping of any outcrop, soil sampling and geochemistry in aim of further characterising the anomalies defined in the geophysical review.
Right characteristics for carbonatites
“This acquisition gives us an additional target area that shows the right geophysical characteristics to represent carbonatites / intrusive bodies,” CUF executive director Mark Hancock says.
“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 within an Aboriginal Reserve area.”
For the time being, on ground exploration activities are restricted until a signed agreement is in place with the Parna Ngururrpa Traditional Owners Group and approval is given by the Minister of Aboriginal Affairs.
CUF continues to work with the group on achieving this.
This article was developed in collaboration with CuFe, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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