- Yinnietharra is located close to Delta Lithium’s Malinda prospect
- Project located in the same “Goldilocks Zone” near the Thirty Three Supersuite granite contact
- Surface sampling to start immediately to define drill targets
Bubalus has doubled down on its critical minerals focus with the acquisition of the Yinnietharra lithium project, down the road from Delta’s (ASX:DLI) project of the same name in the red-hot Gascoyne region of WA.
Bubalus Resources (ASX:BUS) listed late 2022 as an early mover in acquiring its Northern Territory rare earths projects and land position, next to door to $500m capped Arafura, touted to be Australia’s next rare earth deposit moving into production.
Exploration has revolved primarily around the Nolans East project, which is just 15km southeast of Arafura Resources’ advanced Nolans Bore project in the Northern Territory.
Extensive surface sampling has identified magnet rare earths-rich REE anomalies over 5km in length along a west-northwest to east-southeast tend. The company has also completed desktop targeting at the Coomarie project that’s a geological analogue to Northern Minerals (ASX:NTU) Browns Range REE deposit.
A new acquisition announced today adds an exciting lithium project to the mix. Bubalus’ Yinnietharra project is just 2km east of the Malinda prospect currently being drilled out by $430m capped takeover target Delta Lithium (ASX:DLI).
Gina Rinehart’s Hancock Prospecting and Chris Ellison’s $13.39bn Mineral Resources (ASX:MIN) are jostling for control of Delta, which is concurrently working towards first production at the Mt Ida project and a maiden resource at Yinnietharra.
Earlier this week, the acquisitive Ellison took another swing at regional consolidation, joining the ranks on DLI’s board as non-executive chairman as MIN increased its stake to 17.44%.
$5m-capped Bubalus has acquired some prime ground here. Its project lies less than 3km from the contact with the Thirty Three Supersuite, a series of granitic bodies believed to be the source for lithium mineralisation in the Yinnietharra area.
This is highlighted at Malinda, where mineralisation – defined over a length of 1.6km and to a depth of 350m — is hosted in six pegmatite dykes that dip to the south towards the Thirty Three Supersuite and Bubalus’ project.
The major shareholders of the vendor group are also the same core group that vended the Malinda project to Delta.
Exploration to start ASAP
Bubalus says the acquisition retains the company’s focus on critical and strategic minerals, while providing the opportunity to continue field operations in parallel and complementary to their Northern Territory projects..
With their last quarterly showing $3.895m in the bank, Bubalus is well funded to commence a soil sampling program across the Yinnietharra project as soon as possible and has engaged geological services provider Geolithic to carry out the work.
It will also engage with the appointed representatives of the Wajarri Yamatji, the Aboriginal traditional owners of the area underlying the project, to obtain the relevant clearances required to expedite drilling.
This article was developed in collaboration with Bubalus, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
The post This $5m capped junior has jumped on some prime ground next door to takeover target Delta Lithium appeared first on Stockhead.
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