{"id":9788,"date":"2024-05-20T04:46:25","date_gmt":"2024-05-20T04:46:25","guid":{"rendered":"https:\/\/economicherald.net\/?p=9788"},"modified":"2024-05-20T04:46:25","modified_gmt":"2024-05-20T04:46:25","slug":"cufe-raises-3m-to-fast-track-exploration-for-copper-niobium-and-lithium","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=9788","title":{"rendered":"CuFe raises $3m to fast-track exploration for copper, niobium and lithium"},"content":{"rendered":"

Sophisticated and professional investors commit to subscribing for $3m worth of shares
\nCuFe to use proceeds to fast-track exploration for copper, niobium and lithium
\nExploration to be carried out at the Tennant Creek, West Arunta and North Dam projects<\/p>\n

\u00a0<\/p>\n

Special Report:<\/em><\/strong> Investors have demonstrated their confidence in the prospectivity of CuFe\u2019s copper, niobium and lithium assets by committing to a $3m placement.<\/strong><\/p>\n

A geophysical review earlier this year of the company\u2019s West Arunta tenure had identified nine targets areas<\/strong><\/a> from airborne magnetic data.<\/p>\n

This is hugely significant for CuFe (ASX:CUF)<\/strong><\/a> as its tenements are right next to Lycaon Resources\u2019 (ASX:LYN)<\/strong><\/a>\u00a0Stansmore project, which is in turn just 90km from WA1 Resources\u2019 acreage<\/p>\n

WA1 made the West Arunta a household name after discovering thick, high-grade niobium, topping up at 30m at 4.7%.<\/p>\n

To top it off, CUF\u2019s tenure covers several magnetic anomalies that show some similarities to recent carbonatite\/niobium discoveries in the region.<\/p>\n

Separately, the company\u2019s North Dam project, which lies between \u00a0Mineral Resources\u2019 (ASX:MIN)<\/strong><\/a>\u00a0Mt Marion lithium mine and\u00a0Develop\u2019s (ASX:DVP)<\/strong><\/a>\u00a0Pioneer Dome lithium project in the WA Goldfields region, has several lithium anomalies<\/strong><\/a> along a 3.5km stretch.<\/p>\n

CUF also holds the Orlando deposit<\/strong><\/a> within its Tennant Creek project in the Northern Territory, which has a resource of 2.88Mt grading 1.3% copper and 1.4g\/t gold.<\/p>\n

Most of this resource is contained within the higher confidence Indicated category, which provides improved assurance about its resource model and allows for mine planning.<\/p>\n

The Orlando resource is part of CUF\u2019s wider Tennant Creek project which has an overall resource of 7.29MT grading 1.7% copper and 0.6g\/t gold.<\/p>\n

\u00a0<\/p>\n

Funded for exploration<\/strong><\/h2>\n

These assets were attractive enough for professional and sophisticated investors to commit to subscribing for 187.5 million shares priced at 1.6c each, which represents a 7.8% discount to the 15-day volume weighted average price.<\/p>\n

The placement includes one free attaching option exercisable at 2.5c and expiring three years from the date of issue for every two shares subscribed for.<\/p>\n

Proceeds from the placement will be used to fast-track exploration at Tennant Creek, North Dam and West Arunta.<\/p>\n

\u201cWe are pleased to have secured this injection of funds into the company to fund exploration activities at our projects, which have prospectivity for some of the world\u2019s most sought-after future facing minerals in copper, lithium, niobium and rare earths,\u201d executive director Mark Hancock said.<\/p>\n

\u201cCuFe has been in a different position to many junior players in that since its JWD iron ore mine commenced in 2021 it has been providing cash flow to fund our exploration and administration costs without the need to raise further equity.<\/p>\n

\u201cWhile that remains the case we are keen to fast-track our exploration activities now we have such a prospective portfolio, rather than being able to perform them as and when the iron ore price allows, so this raise gives us that flexibility.\u201d<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

This article was developed in collaboration with CuFe, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

\u00a0<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post CuFe raises $3m to fast-track exploration for copper, niobium and lithium<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Sophisticated and professional investors commit to subscribing for $3m worth of shares CuFe to use proceeds to fast-track exploration for copper, niobium and lithium Exploration [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":9789,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nCuFe raises $3m to fast-track exploration for copper, niobium and lithium - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=9788\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CuFe raises $3m to fast-track exploration for copper, niobium and lithium - 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