- Metals explorer Krakatoa Resources (KTA) has been granted its first exploration licence for its Mt Clere Rare Earth Project
- The newly granted licence covers over 300 square kilometres of the total 1780 square kilometre project site in WA’s Gascoyne region
- An additional seven exploration licences are outstanding, but Krakatoa advises another two are close to completion
- Once all of the approvals are in place, the company will begin field exploration work at Mt Clere immediately
- Krakatoa Resources is trading up 2.56 per cent at eight cents each
Krakatoa Resources (KTA) has been granted its first exploration licence for its Mt Clere Rare Earth Project in WA’s Gascoyne region.
The high-value metals explorer holds approximately 1780 square kilometres of prospective land as part of the Mt Clere Project.
The company consider Mt Clere to contain significant rare earth element (REE) geochemical anomalies, which were first identified by BHP Minerals.
The newly granted exploration licence covers an area of 303 square kilometres and represented the first exploration licence to be issued for the project.
Another seven applications are outstanding, but Krakatoa advises two are very close to being approved while the others should be completed in 2021.
Once the approvals are in place, the company has stated it will begin field exploration work at Mt Clere immediately.
“The awarding of this licence is a significant milestone for Krakatoa shareholders,” CEO Mark Major commented.
“Seven applications remain, two from 2019, and five recently applied for in late 2020. We expect the 2019 applications to be awarded shortly, while the new application grants are anticipated for early 2021,” he added.
“We expect all of the applications to go through without issue as there are no new native title parties and the current agreement negotiations are close to completion,” Mark concluded.
Shares in Krakatoa Resources are trading up a slight 2.56 per cent at eight cents each at 1:39 pm AEDT.