Caprice Resources Set To Acquire Nearology Play In West Arunta

Caprice Resources Ltd (ASX: CRS) has signed an agreement to acquire 90% of the Bantam Project in the West Arunta region of Western Australia.

Bantam is spread across 1,470 square kilometres, making it one of the largest landholdings in the West Arunta region.

It is adjacent to and shares a 30-kilometre-long border with WA1 Resources Ltd’s (ASX: WA1) West Arunta Project.

Notably, the West Arunta Project hosts the world-class Luni Niobium-REE discovery, which has seen WA1’s market capitalisation exceed A$1 billion.

Bantam Niobium-REE Project

The West Arunta is an underexplored region, with historical exploration limited through the lens of copper and gold exploration.

WA1’s Luni and Pachpadra niobium discoveries, along with Encounter Resources’ Crean niobium discovery, have recently highlighted the region’s prospectivity for niobium and rare earths.

There are multiple targets at Bantam showing structural and magnetic features similar to WA1’s ground.

Nearology play

Caprice Chairman Glenn Whiddon said: “Since the significant Luni discovery by WA1 Resources, the region is actively being explored by numerous companies such as Encounter Resources (ASX:ENR), CGN Resources (Hathi REE prospect) (ASX:CGR), Rio Tinto and Tali Resources.

 “A land package of this size with very little exploration work to date is an exciting prospect for Caprice which aims to replicate the success of its peers through targeted, strategic exploration.”

 Oversubscribed placement

 In conjunction with the acquisition, Caprice has received firm commitments to raise A$1.584 million in a heavily oversubscribed share placement.

The proceeds from the placement will strengthen the company’s balance sheet for exploration at the Bantam Niobium-REE Project and its existing Mukinbudin REE, Northampton Polymetallic and Murchison Gold Projects.

In consideration for the acquisition, Caprice has agreed to pay the vendor A$1,030,000 followed by milestone and royalty payments.

 

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