Forrestania (ASX:FRS) ratchet up discovery odds with Eastern Goldfields option
Forrestania Resources has stayed true to its Managing Director Michael Anderson’s incoming words never to stand still, optioning an exclusive 2-year option agreement with Outback Minerals to acquire a strategic tenement package of 4 tenements in two areas within the Eastern Goldfields of Western Australia.
The exciting opportunity for Forrestania comes just over a week after announcing a bold move into Canada, partnering with ALX Corp to explore their massive lithium prospective landholding in James Bay.
The option includes Alexandra Bore / Breakaway Dam and Bonnie Vale, both considered to be highly prospective, contiguous and complementary to Forrestania’s existing land position in the Eastern Goldfields area.
Forrestania Managing Director Michael Anderson said the tenements are highly prospective for gold and copper – plus the promising potential for lithium with known outcropping pegmatites with no effective lithium exploration to date.
“This option agreement is another example of Forrestania’s strategy to maximise opportunity and discovery potential,” Mr Anderson said.
“We are confident that these tenements add significant value to our portfolio, and we look forward to getting on the ground to follow up on the historical results and known pegmatite occurrences.”
$0.515Historic drilling results
- BVRB059 – 8m of muscovite pegmatite from 8m, logged to EOH, not assayed for Li (Bonnie Vale project)
- AA06 – 15m @ 5.28g/t Au from 21m (Bonnie Vale project)
- BDRC10 – 6m @ 1.19% Cu, 11.07g/t Ag (including 1m @ 3.86% Cu) from 185m (Alexandra Bore/Breakaway Dam project)
About the Eastern Goldfields Project
The EGP is located north of Kalgoorlie around the gold mining districts of Leonora and Menzies (see Figure 1) and comprises fourteen tenements strategically located over areas the Company believes are highly prospective for large-scale, multi-commodity discoveries. The Alexandra Bore / Breakaway Dam tenements are entirely contiguous with the Company’s existing land position in the Eastern Goldfields area, and the Bonnie Vale tenements provide exposure to an additional highly prospective area.
The Eastern Goldfields project area
Acquisition Option
Under the terms of the 2-year option agreement, Forrestania will pay an initial option fee of A$50,000 followed by a further A$50,000 on the agreement’s anniversary. To execute the option, Forrestania must issue Outback with shares of A$950,000 and pay A$150,000 in cash.
FORREST FPO [FRS]