Trek Metals (ASX: TKM) has increased its cobalt and lithium ground after six tenements were recently granted covering the company’s Arunta project in the Northern Territory.
“The grant of these tenements has happened sooner than expected and now presents Trek with an excellent opportunity to push ahead with Australian based exploration in concert with our African work,” Trek managing director Bradley Drabsch said.
“Both these projects are at the frontier of exploration with Trek set to take advantage of continued strength in metal prices across the board,” Mr Drabsch added.
Six of the seven tenement applications have now been granted and Trek has been compiling historic data on the project with first field work to begin during the second quarter of this year.
The seven tenements encompass 5,274 square kilometres of land about 200km north west of Alice Springs and have access to a major unsealed road that leads to the major Stuart Highway.
Historic rock chip samples have returned up to 0.12% cobalt and the pegmatites have been mapped across the project. Trek anticipates the project is also prospective for tin, tungsten, copper, gold, tantalum and niobium.
According to the company, exploration activities are possible year-round.
The grant of these tenement applications follows Trek’s announcement last week it had entered a binding agreement with Battery Minerals (ASX: BAT) to acquire the full 100% interest in the Kroussou zinc project in Gabon.
Trek has been earning a 70% stake since September last year after acquiring its first 40%.
Mr Drabsch said the acquisition was an opportunity for the company to take advantage of the “near record” zinc price.
The Kroussou project includes 1,500sq km and historic drilling returned 2.3m grading 21.2% zinc and lead from near surface.
Trek’s own drilling returned thick intersections including 37.1m grading 2% zinc equivalent with a 12.5m interval containing 4% zinc equivalent.
Shares in Trek soared more than 11% in early morning trade to hit A$0.039.