The native title holders are represented by Upurli Upurli Nguratja Aboriginal Corporation (UUNAC), and RareX (ASX:REE) for the Khaleesi project tenements, within the UUNAC native title determination area.
Material terms of the agreement allow RareX to explore the Khaleesi project in consideration for the issue of 1 million RareX shares.
“This milestone is the key enabler for exploration drilling on the most prospective licences of the project, which, subject to the statutory and agreed timeframe of the permit to work process, is anticipated to begin in October on licence E39/2409,” REE MD James Durrant says.
“We would like to thank UUNAC and its advisers Central Desert Native Title Services (CDNTS) for undertaking good faith negotiations and we look forward to working with UUNAC for years to come.”
The Khaleesi project in the East Yilgarn sits in a district-scale, elevated-niobium, alkaline intrusive complex – a breeding ground for mineralised carbonatites.
It’s right near Lynas’ (ASX:LYC) Mt Weld REE project and along strike from the highly-endowed Ponton Dyke – which has returned some of Australia’s best rare earths intersections.
Data from Tier-1 exploration programs at the tenure have identified elevated niobium values, suggesting a highly fertile system.
Prior exploration drilling of the project area targeted shallow gold in the overlying sediments with data of over 10,000m of drilling indicating the potential for niobium enrichment in the basement rocks (up to 1000ppm), REE enrichment and continued prospectivity for precious and base metals.
