Tambourah Metals to acquire Wongan Hills South copper-gold-nickel-PGE project
Recharge Metals listed on the ASX earlier this month after raising $5 million in an IPO to advance its copper projects in WA.
Tambourah Metals (ASX: TMB) has executed an agreement to acquire 80% of the Wongan Hills South project, which will double the company’s Julimar North tenement area in Western Australia’s wheatbelt.
Wongan Hills South comprises three exploration licences that cover 381.5 square kilometres and is prospective for copper, gold, nickel and platinum group elements.
The tenements are being acquired from private entity Baracus Pty Ltd in return for $200,000-worth of Tambourah shares, with shareholders to vote on the agreement at the upcoming annual general meeting this month.
Combined with the Julimar North tenements, Tambourah will hold a controlling interest over 780sq km of ground in the region – making it one of area’s largest tenement holders.
Close to known deposits
Tambourah noted Wongan Hills South is only 5km east of Caravel Minerals’ (ASX: CVV) advanced namesake project and primary Bindi deposit.
Caravel has firmed up more than 1.8 million tonnes in contained copper resources at the project with this figure expected to continue growing as drilling extends mineralisation and hits new higher-grade zones.
The updated resource for Caravel is anticipated later this month with a pre-feasibility study due early next year.
More nearby ground includes the historic Kingsmill mine, the Ninan deposit and the Wongan prospect which are all prospective for gold-copper and silver mineralisation.
Other minerals that have been identified in the area comprise zinc, lead, molybdenum, nickel and PGE.
Advancing Wongan Hills South
Initial work at Wongan Hills South will include compiling and reviewing historic data and previous sampling programs.
In readiness for completing the acquisition, Tambourah will secure access agreements.
Once on the ground, Tambourah plans to carry out sampling and geophysical programs with electromagnetic surveys to begin early next year.
Exploration at the project will start once approvals have been secured at the AGM.
Tambourah listed on the ASX in August after raising $8 million in its IPO.