Aldoro Resources (ASX: ARN) has expanded its pegmatite footprint in Western Australia’s Mount Magnet region after entering an agreement to acquire a tenement that is contiguous to the company’s existing three.
A binding heads of agreement has been executed that gives Aldoro the right to acquire a 100% stake of E58/555 from Trafalgar resources.
In consideration for the tenement, Aldoro will pay $50,000 to Trafalgar and issue 275,000 shares within 10 days of the tenement application being granted.
Aldoro chairman Joshua Letcher said the acquisition completes the company’s landholding over the Windimurra fairway interpreted pegmatite corridor based on known occurrences and regional boundaries.
The company has been securing the tenements over a four-month period.
“We know the fractioned pegmatites reside in the greenstones, so the granite to the east and south is one boundary with the western boundary dictated by the layered gabbro that the pegmatites are located in,” he added.
The new tenement will form part of Aldoro’s Windimurra fairway position which is believed prospective for nickel, copper, platinum group elements and lithium.
Aldoro plans to begin testing the known pegmatites at the project for anomalous lithium levels.
The pegmatites are classified as lepidolite lithium bearing as opposed to the more commercially exploited spodumene.
Aldoro is also evaluating the project’s potential to host caesium, tantalum and rare earths.
Mr Letcher previously described the Windimurra project as a company maker in its own right.
Since acquiring the Windimurra tenements, Aldoro has identified potential at the project to host the rare mineral rubidium.
Global demand for rubidium is expected to grow 22% by 2026.
The mineral is sourced for use in specialty glass (fibre) that enables 4G and 5G networks.
Demand for the mineral is rising due to more network upgrades and increased demand as a result of COVID and people working from home.
The mineral is also used as a blood-flow tracer to detect coronary heart disease and brain tumours.
Aldoro has generated initial exploration target for the Niobe main pegmatite of 33,000-150,000t grading up to 1,457ppm rubidium oxide.