THE BOURSE WHISPERER: Cobre Montana (ASX: CBX) announced the commencement of the Coolgardie Rare Metals Venture (CRMV) – a joint initiative with Focus Minerals (ASX: FML).
The CRMV plans to evaluate lithium and rare metals (cesium, rubidium, gallium, tantalum, and niobium) within 20 prospecting licenses and two mining leases located to the south of Coolgardie, in Western Australia.
Tenements subject of the Coolgardie Rare Metals Venture (CRMV). Source: Company announcement
In its announcement to the ASX, Cobre Montan explained the CRMV tenure covers pegmatite swarms known to contain lepidolite (lithium mica), petalite (lithium aluminium silicate), tantalite (an oxide of iron, manganese and tantalum), pollucite (cesium zeolite), beryl (beryllium silicate) and other minerals that may be of commercial importance.
“The lepidolite is most abundant at Lepidolite Hill where, in addition to lithium, the mica contains high concentrations of rubidium,” the company said.
“The CRMV also covers Tantalum Hill, a well-documented tantalite occurrence.
“The mineral occurrences within the vicinity of Lepidolite Hill were first identified in the 1940s, explored by Western Mining Corporation in the 1960s, and mined from 1971 to 1973 for petalite, beryl and lepidolite.”
Under the terms of the CRMV, Cobre Montana will sole fund exploration to the point of committing to a definitive feasibility study, within five years of the commencement date.
At this time the CRMV will be replaced by a contributing joint venture (80% Cobre, and 20% Focus Minerals).
Cobre Montana said the CRMV complements its recently-announced option to purchase Exploration Licence 74/0543 in the Ravensthorpe mineral field, Western Australia.
The company said the licence contains a large part of the Cocanarup Pegmatite Field which, like the pegmatites within the CRMV, hosts lithium and rare metals.