Western Yilgarn has expanded the size of its Ida Holmes Junction project in WA through a new agreement.
The company has formed a farm-in and joint venture agreement with Bellpark Minerals, giving Western Yilgarn (WYX) the right to earn into two tenements.
The first of these is a granted exploration licence on the prospective Holmes Dyke and Ida Fault regions of WA. The project has had no modern exploration undertaken and is contiguous with existing WYX tenements.
The second covers the Mt Alexander lithium project, a granted exploration licence with identified pegmatite swarms located further south along the Ida Fault.
Both of these tenements are located nearby WYX’s Ida Holmes Junction project, where the company is on the hunt for nickel-copper-platinum group elements (PGE) and lithium-caesium-tantalum mineralisation.
Under the agreement, WYX can earn a 95 per cent interest in the projects under a two-year farm-in by funding $120,000 of exploration expenditure.
Bellpark will receive one million ordinary shares in WYX escrowed for 12 months from the date of issue.
Ida Holmes Junction
The Ida Holmes Junction project shares geological similarities to BHP’s West Musgrave nickel-copper-PGE project, with the two assets part of the Mount Holmes gabbro.
The project is also located near two of BHP’s Tier 1 nickel mines, the Leinster and Mt Keith operations, along with several prominent gold projects including the Agnew and Bellevue operations.
WYX has been steadily growing the size of its exploration area at Ida Holmes Junction, in late-January entering a joint venture (JV) agreement with Fleet Street Holdings. This agreement gave WYX the opportunity to earn-in between a 51 per cent and 80 per cent interest in four tenements along the Holmes Dyke and Ida Fault.
Through the transaction, WYX boosted its project tenure from 477km2 to 684km2.
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