Tambourah Metals to expand WA portfolio with Speewah project acquisition
Tambourah Metals (ASX: TMB) is set to add a new critical minerals exploration opportunity to its portfolio with an agreement to acquire an 80% interest in the Speewah project in the Kimberley region of Western Australia.
The company believes the project has the potential to host critical minerals essential for artificial intelligence and energy transition, including highly sought-after antimony and fluorine.
Antimony’s price has surged by 200% this year, with expectations for further growth as China bans its export in an effort to slow down US use of the critical metal in defence technology development.
Positive review
After a positive review of the project, Tambourah will acquire an 80% interest in tenement E80/5889 within the Speewah Dome from unlisted firm Baracus, an entity controlled by Tambourah director Rita Brooks.
Tivan (ASX: TVN) recently purchased the nearby Speewah fluorite project for $20 million.
That project is currently progressing towards development under an alliance with Sumitomo that also has the potential to add important new infrastructure to the area.
It has recently been awarded major project status and a grant of $7.4m under the federal government’s International Partnerships in Critical Minerals program.
Speewah Dome coverage
The proposed new exploration licence acquisition covers an area of 181 square kilometres over the northern half of the Speewah Dome, where there has so far been only limited exploration focusing on critical minerals.
Tambourah says it will now undertake due diligence on the proposed acquisition, including data compilation and review, follow-up sampling and target generation.
Tambourah has agreed to issue Baracus 7 million shares to the value of $196,000, at a deemed issue price of $0.028 per share.
The transaction is subject to shareholder approval at a general meeting, expected to be held around mid-February 2025.
Tambourah gold project
Meanwhile, Tambourah is fast tracking follow-up activities on new gold zone holes at its Tambourah gold project located 100km south-west of Marble Bar.
The zone was confirmed in assay results from the first of five diamond holes, drilled as a twin to an earlier reverse circulation hole that intersected significant gold mineralisation.
The last Tambourah Gold drilling campaign reported 1m at 77 grams per tonne gold and the company is planning to commence follow-up drilling program in early 2025.