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- Frontier Resources (FNT) enters a conditional agreement to acquire all the shares in Dalkeith Capital and its exploration licences
- Dalkeith holds two exploration licence applications prospective for rare earth elements and two exploration licence applications prospective for high-purity alumina
- To acquire the tenements, Frontier will issue 75 million fully-paid ordinary shares to Dalkeith shareholders at a price of 1.6 cents each
- Further, Thomas Langley has been appointed as Technical Consultant to provide geological input in the planning of exploration programs and logistics
- Frontier Resources is up 21.1 per cent on the market with shares trading at 2.3 cents
Frontier Resources (FNT) has entered a conditional agreement to acquire all the shares in Dalkeith Capital and its exploration licences.
Dalkeith holds two exploration licence applications which are considered prospective for rare earth elements (REE), two exploration licence applications prospective for kaolin and high-purity alumina (HPA), and one exploration licence application prospective for gold.
Gascoyne REE Project
The Gascoyne Project lies in the Gascoyne Region of Western Australia. Despite its location, very limited exploration has been undertaken.
Due to begin in early November, an airborne magnetic-radiometric survey will be flown over the entire area to aid in target definition.
A field crew is already onsite to undertake geological mapping and rock-chip sampling.
Koolya HPA Project
The Koolya Project lies 460 kilometres east of Perth and covers a 240 square kilometre area prospective for bright white kaolin and HPA.
Exploration drilling will be undertaken immediately to determine the depth, brightness, mineralogy and alumina content over the project area.
SEM imaging and metallurgical studies will be completed on drill samples to confirm the qualitative nature of alumina content and halloysite.
Kalgoorlie Project
The Kalgoorlie Project lies 50 kilometres east of Kalgoorlie and initial exploration will focus on an area of historical prospecting activity.
Extensive geochemical sampling has also been planned to cover the entire tenement with aircore drilling to be undertaken pending the results.
Acquisition terms
To acquire the tenements, Frontier will issue 75 million fully-paid ordinary shares to Dalkeith shareholders at a price of 1.6 cents each.
An aggregate 37.5 million performance shares will also be issued in two phases.
Capital raise
Frontier now intends to seek shareholder approval to raise $400,000 via a placement to professional and sophisticated investors at 1.6 cents.
The money will be used to fund exploration at the new tenements.
Technical Consultant appointment
Thomas Langley has been appointed as Technical Consultant to provide geological input in the planning of exploration programs and logistics.
“I look forward to progressing the company’s existing projects and the growing REE portfolio, exploring for critical metals that can help the world reach targets of being net zero carbon by 2050,” Mr Langley said.
Frontier was up 21.1 per cent on the market with shares trading at 2.3 cents at 1:40 pm AEDT.
