Carpentaria Exploration Limited (CAP) announces the acquisition of the Yanco Glen mineral exploration tenement, further expanding the Company’s tin and tungsten portfolio in the Broken Hill region of New South Wales.
Located 30 kilometres north of Broken Hill, the Yanco Glen tenement is prospective for tin, tungsten and base metals with 125 known mineral occurrences on site. It is being acquired from Wolf Minerals Limited (WLF) for a total consideration of 250,000 new Carpentaria ordinary shares.
The acquisition adds to the Company’s nearby Euriowie tin discovery (100% CAP), increasing its tenement holdings to 240 km2 in the base metal which has recently hit record highs of over US$27,000 a tonne.
Executive Chairman, Nick Sheard noted that “This acquisition consolidates our 100% holding of two major historical tin fields in the Broken Hill district, and provides the opportunity to expand the tin potential we are currently establishing at Euriowie.” “Our initial drilling at Euriowie has given us confidence that the mineralised systems within the Mt Euriowie dyke extend from the surface exposure to depth. The mineralisation is very similar at Yanco Glen, with the tin occurring as cassiterite (tin oxide) in pegmatite dykes. There is also the added bonus of an established Inferred Resource of tungsten with upside potential.”
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