Early-stage mineral exploration company Western Yilgarn has executed a binding farm-in and joint venture agreement with Bellpark Minerals, a subsidiary of Mitre Mining.
Under the agreement, Western Yilgarn can earn a 95 per cent participating interest in two key tenements in Western Australia over a two-year period by providing $120,000 in funding for exploration.
The first tenement, E36/1080, covers the highly prospective Holmes Dyke and Ida Fault regions. Western Yilgarn said the project hasn’t had any modern exploration undertaken and is adjacent to its existing tenements.
The second tenement, E29/1167 or the Mount Alexander lithium project, has identified lithium pegmatite swarms located further south along the Ida fault.
“The Bellpark farm-in augments the Ida Holmes Junction project with a highly prospective and contiguous extension along the Holmes Dyke,” Western Yilgarn chairman Peter Lewis said.
“Viewing the supplied diagrams frames the Bellpark lease E36/1080 is a strong strategic fit in the company’s Ida Holmes Junction project both in terms of its geological positioning and its shared border with our existing leases.
“The highly prospective Mount Alexander lithium project (E29/1167) provides further strategic positioning in a well-regarded location.”
Other terms of the agreement include Bellpark receiving one million ordinary shares in Western Yilgarn escrowed for 12 months from the issue date, and both companies will form an unincorporated joint venture (JV) once the farm-in is completed. Western Yilgarn will be the JV’s manager.
Unlike E36/1080, Mount Alexander has seen previous exploration. In August 2023, initial field reconnaissance work conducted by Mitre Mining returned elevated levels of niobium, tantalum and gallium, all of which are considered critical minerals in Australia.
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