- Frontier Resources (FNT) acquires two exploration licenses in the Gascoyne and two exploration licences 160 kilometres west of Kalgoorlie dubbed the Koolya project
- The tenements in the Gascoyne project are reportedly high in rare earth elements (REEs) which are used in the production of magnets
- This project covers 230 square kilometres while the Koolya project is made up of 240 square kilometres of land prospective for bright white kaolin and high purity alumina (HPA)
- The company says the Koolya tenure is highly supportive of a large-scale development with reportedly excellent infrastructure nearby
- Shares have been up 5 per cent trading at 2.1 cents
Frontier Resources (FNT) has completed the acquisition of rare earth elements (REE) and high purity alumina (HPA) projects in Western Australia.
The projects were previously owned by Dalkeith Capital which has been acquired by Frontier. The shareholders of Dalkeith have been offered 75 million ordinary shares and 37.5 million performance shares.
Two tenements granted in the Gascoyne region are reportedly high in REEs of Neodynium and Prasedoynium, which are used in the production of magnets. This project covers 230 square kilometres of prospective proterozoic durlacher supersuite lithology.
The company says historical exploration in the area is limited and that modern exploration techniques combined with a renewed focus on REEs makes the Gasconye project an exciting opportunity.
The company has also taken over the Koolya HPA project tenements comprising approximately 240 square kilometres of land. Frontier says the area is located in a proven high quality kaolin producing region. Additionally the tenure is highly supportive of a large-scale development with reportedly excellent infrastructure nearby with the Trans Australian Railway adjoining the project.
Shares were up 5 per cent trading at 2.1 cents at 11.29 am AEDT.