Caprice Resources’ acquisition of 430km2 from Rio Tinto Exploration (RTX) makes it the third-largest ASX-listed explorer in the West Arunta region.
Ground acquired through the binding agreement is underlain by interpreted lateral extensions of basement geology and controlling structures, which have been demonstrated as a fertile host for mineralised carbonatites. WA1 Resources and Encounter Resources discovered this on the ground immediately northeast of the RTX ground being acquired.
The desktop review was completed by consultants experienced in the recent West Arunta success story. The results indicated iron oxide copper-gold (IOCG) prospectivity and multiple targets demonstrating similarities to the mineralised carbonatites at WA1’s and ENR’s respective projects.
Subject to obtaining the consent of the native title party and applicable government permits, the existing land access agreement over the granted tenure may be assigned to Caprice, assisting with an expedited exploration pathway.
RTX has not conducted prior exploration on the tenement, and it retains a clawback provision, reaffirming its perspectivity and potential for economic deposits of scale.
Tranche 2 placement settlement is set to occur on 29 August 2024, allowing Caprice a runway to progress exploration activities.
Caprice Resources’ CEO, Luke Cox, said, “This acquisition secures Caprice a commanding land position – the third-largest ASX-listed exposure – in this highly fertile and very underexplored region which is being proven to host world class discoveries.
“It’s a great opportunity for investors to gain exposure to the West Arunta region before any share price appreciation off the back of exploration success.
“We’re grateful to Rio Tinto Exploration for selecting Caprice and their collaborative approach in reaching a binding agreement, through which we hope to deliver exploration success to the benefit of all parties.
“We look forward to building our relationship with the local Kiwirrkurra Community and experiencing the true nature of being in the Tali country of the Gibson.”
Featured image: Hans Wismeijer/shutterstock.com
