Caprice (ASX:CRS) joins niobium posse at West Arunta

Caprice Resources has joined the hunt at West Arunta and signed a binding agreement to acquire 90 per cent of the niobium and rare earth-prospective Bantam project in a firing exploration frontier.

WA1 Resources transformed from a fledgeling to a billion-plus market capper since discovering a niobium-rare earth mineralised carbonatite from its maiden campaign at West Arunta.

And Caprice will now share a 30-kilometre border with the region’s eminent player and that world class discovery.

The West Perth-based explorer also considers its new ground highly prospective for iron-oxide-copper-gold deposits, but first targets will be those with similar structural and magnetic features similar to those representing carbonatites on WA1 ground.

Caprice Resources Chairman Glenn Whiddon said since WA1 marked discovery at Luni, the region is being actively explored by numerous companies.

“The prospective ground covers 1,470km2 over the four contiguous tenements which shares borders with WA1, CGN and Tali Resources,” Whiddon said.

“A land package of this size with very little exploration work to date is an exciting prospect for Caprice which aims to replicate the success of its peers through targeted, strategic exploration.”

“We look forward to progressing due diligence with a view to expediting the process and commencing exploration activities in earnest.”

Developing compelling targets for carbonatite emplacement will be the first task on hand, and Caprice intends on beginning exploration and geophysics programs as soon as practical.

Caprice will pay the vendor $1.03 million at completion of the acquisition, with around another $1.1 million for in deferred milestone payments and a 2 per cent gross production royalty on the sale of any minerals mined from its new tenements.

Australian niobium

Australia’s niobium resources are confined to a relatively small number of deposits, with reported grades ranging from around 3100 parts per million up to a 7400ppm mark reported at Mt Weld in Laverton.

A superpowered superconductor, niobium has endured temperatures reached by spacecraft re-entering the earth, and its anti-corrosive properties make it ideal for biomedical implants and advanced technologies like particle accelerators and nuclear fusion.

Usually produced as a by-product alongside lithium and tantalum, there are currently no Australian mines focused on niobium, but after a string of success from still underexplored ground, West Arunta appears as likely as anywhere to be the first.

Read more: Who’s in the niobium game in Western Australia?

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