- Wildcat Resources’ (WC8) joint venture partner, Fairplay Gold, has pegs 137 square kilometres of additional prospective tenements
- The tenements form part of the Bullabulling project in WA’s Eastern Goldfields, in which Wildcat is earning up to a 75 per cent interest in the project’s non-gold rights
- Wildcat CEO Samuel Ekins says the tenements triple the prospective footprint of the Wildplay JV and may increase its chances of discovering LCT pegmatite deposits
- Company shares have been up 4.55 per cent to trade at 4.6 cents
Wildcat Resources (WC8) has announced its joint venture partner, Fairplay Gold, has pegged 137 square kilometres of additional prospective tenements.
The tenements expand the companies’ Wildpay Joint Venture (JV) Project area in the Eastern Goldfields of Western Australia.
The Wildplay JV was announced in late September and involves Wildcat earning up to a 75 per cent interest in the non-gold rights of Fairplay Gold’s 65-square kilometre Bullabulling project which is an under-explored area believed to be prospective for lithium, caesium and tantalum.
The deal has a six-month option period for which Wildcat paid a $50,000 option fee and is required to complete at least 1000 metres of drilling at Bullabulling.
Following this, WC8 may earn 50 per cent in the first stage by paying Fairplay $250,000 worth of shares and $250,000 in cash. It must also have completed 3500 metres of drilling (inclusive of the option period) by the end of stage one.
In the second and final stage, the company can increase its interest to 75 per cent by paying an additional $250,000 worth of shares and completing 10,000 metres at the project.
At the current stage, the new tenements are entirely held by Fairplay Gold however, they will become part of the Wildplay JV upon grant which will increase the package from 65 to 193 square kilometres.
Wildcat CEO Samuel Ekins commented on the additional tenements.
“The new tenement applications triple the prospective footprint of the Wildplay JV and may ultimately increase our chances of discovering economic LCT pegmatite deposits. Wildcat will continue to explore the area as part of its option to earn up to 75 per cent of the project, with the option period expiring at the end of March 2022.”
Wildcat conducted drilling over the past two months, with assays pending. Once received, the results will be reviewed and further geological mapping and fieldwork may be undertaken. The company may also complete drilling in the new year if warranted.
Company shares were up 4.55 per cent to trade at 4.6 cents at 1:33 pm AEDT.