AREA THE SUBJECT OF PEGGING RUSH
Exploration licence E09/2357 granted.
Seven applications still outstanding, of which two more grants are expected shortly.
The Company holds 1,780km2 of prospective tenure at the Mt Clere Project.
Mt Clere is prospective for:
Rare Earth Elements -including ion adsorbtion clays;
Heavy Mineral Sands; and
Intrusion hosted Ni-Cu-PGEs
Krakatoa has now received granted tenure over the first of several previous exploration licence applications at the highly anticipated Mt Clere Project, located in the Gascoyne Region of Western Australia. The newly awarded exploration licence E09/2357 covers an area of 303 km2.
Collectively, Krakatoa commands approximately 1,780 km2 of prospective geology at the Mt Clere Project (Figure 1 and Table 1). The project covers regions of structural complexity within dense rocks of the Narryer Terrane thought to represent reworked remnants of greenstone sequences that are prospective for intrusion-hosted Ni-Cu-(Co)-(PGE’s). Krakatoa initially applied for Mt Clere based on the tenure containing significant Rare Earth Element (REE) geochemical anomalies originally delineated by BHP Minerals and subsequently confirmed by Astro Mining in the 1990s. Refer to ASX announcement 9 October 2020.
Krakatoa’s Chief Executive Officer, Mark Major commented;
“The awarding of this licence is a significant milestone for Krakatoa shareholders. We thank Colin and the team for their exhaustive efforts in pursuing heritage agreement negotiations with the various native title parties throughout the year.
Seven applications remain, two from 2019 and five recently applied for in late 2020. We expect the 2019 applications to be awarded shortly, while the new application grants are anticipated for early 2021.
There is a statutory requirement for the state to advertise all exploration licence applications for a period of four months, allowing for all registered native title claimant or determined native title holders in the licence area, time to lodge an objection if so desired.
We expect the all the applications to go through without issue as there are no new native title parties and the current agreement negotiations are close to completion.”
The Company has been negotiating heritage agreements with respective native title parties since lodging the initial applications in 2019. Agreement negotiations now appear close to finalisation.
The Company anticipates commencement of field activities once the 2019 exploration licence applications are awarded, statutory programs of works are approved by the regulators and the climate is more conducive to remote geochemical exploration programs.
See full announcement below: