The explorer, which spun out of lithium developer Liontown Resources, announced a A$15.5 million investment in the Gascoyne last October, with a plan to secure the 3900sqkm Ti Tree project in return for giving away 19.9% of the company to Augustus Copper, a company linked with Perth businessman Brian Rodan.
Days later, it walked away. Augustus is now seeking to list later this year.
At the time, managing director David Richards said the company was still keen on the underexplored and unfashionable parts of the Capricorn Orogen.
It has cemented its entry to the province this morning with a A$2.1 million all-scrip deal with junior explorer eMetals.
The 789sq.km Nardoo project has been put together since 2021 and covers areas interpreted to contain the northwestern strike extension of Red Dirt Metal’s Yinnetharra lithium project.
Past mapping recorded numerous pegmatites and tantalum occurrences.
The southwestern most licence adjoins the northwestern margin of Kingfisher Mining Mick Well and Kingfisher projects and is believed to sit along the same structural corridor that hosts Kingfisher’s MW2 REE discovery.
The northernmost tenement is west of Dreadnought Resources’ Mangaroon project.
The areas are largely underlain by the Durlacher granite supersuite, the primary host geology of Mangaroon and the advanced Yangibana REE project being developed by Hastings Technology Metals.
The areas have been largely ignored for their lithium and REE potential in favour of gold, base metals and uranium.
The seven million consideration shares, at a deemed issue price of 30c each, will be escrowed for six months. It will give eMetals 3.1% of Minerals 260.
eMetals will have $6.5 million cash and securities to pursue its other holdings in WA.
Minerals 260 is primarily focused on the search for Julimar-style deposits in the Wheatbelt region and started the quarter with $21 million.
It also has the Dingo Rocks gold-REE project in southern WA, close to where eMetals also has ground at Salmon Gums.
