Caprice has exercised an option agreement to acquire 90 per cent of the Bantam Project, consisting of four tenements (one granted, three applications), in the prospective West Arunta region of Western Australia.
The project consists of four contiguous tenements and covers more than 1,470km2, making it one of the largest landholdings in the West Arunta region.
A high-level desktop review has been completed by Cadre Geological Consultants and geophysicists.
Resource potentials have indicated IOCG prospectivity and multiple targets, demonstrating similarities to those representing mineralised carbonatites at WA1 Resources’ and Encounter Resources’ respective projects.
AEM geophysical surveys are expected to commence across the granted tenement package, with higher resolution imagery to feed into future drill targeting.
The executive search process is underway to appoint a suitable Chief Executive Officer to drive and deliver on the company’s strategic and exploration goals.
A heritage agreement review is also underway, with view to signing once the review and consultation processes are complete.
The project is adjacent to and shares a 30km long border with WA1 Resources’ West Arunta Project, host to the Luni Niobium-REE discovery.
Caprice Chairman, Glenn Whiddon, said, “We are pleased to have concluded a comprehensive due diligence review, encompassing geological, geophysical, tenement and heritage considerations which has culminated in the decision to exercise the option.
“This secures Caprice a commanding land position, the fourth–largest ASX listed exposure, in this highly fertile and chronically underexplored region which is being proven to host world class discoveries.
“We look forward to commencing geophysical works upon our granted tenement and building our relationship with the local Kiwirrkurra community as we work through the appropriate heritage approvals process,” Mr Whiddon said.
Bantam West Arunta Project
The West Arunta is an underexplored region, with historical exploration limited through the lens of copper and gold exploration, primarily targeting IOCG and sedimentary copper and gold deposits.
WA1’s Luni and Pachpadra niobium discoveries, along with Encounter Resources’ Crean niobium discovery, have highlighted the regions prospectivity for niobium and rare earths, generating a new geological model targeting niobium rich carbonatites, hosted within carbonate rich subduction zones along regional and local fault zones.
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