Inca Minerals to acquire Bramall Hills from Northwest Iron

Inca Minerals (ASX:ICG) has signed a tenement sale and purchase agreement with Northwest Iron for the Bramall Hills tenement.

Bramall Hills covers a total area of 300km², comprises of 105 blocks and is highly prospective for lithium with previous historical exploration only ever focusing on uranium, gold and base metals.

The application was lodged in March 2023 and is currently pending approval from the WA Department of Mines, Industry Regulation and Safety (DMIRS).

Once the DMIRS has granted approval, Northwest Iron will transfer its rights, title and interest in Bramall Hills to Inca.

As consideration for the tenement, Inca will issue Northwest six million ordinary shares, with one million issued today and the remaining five million issued within 30 days of signing the agreement.

Inca chairman Adam Taylor said the company is excited about the transaction.

“Inca is excited about this transaction, which will give us ownership of a highly prospective tenement in an area that is already heavily pegged by other companies in an emerging rare earths province,” he said.

“Critically, the tenement under application is in an area in the West Tanami within the Slatey Creek pegmatite granite suite and on the contact with the Lewis Range Sandstone, which displays all the right parental magmas prospective for lithium-caesium-tantalum mineralisation.”

As soon as heritage clearance has been received and the tenement has been granted, Inca will undertake a first-pass field trip and sample outcropping pegmatites to test for lithium mineralisation.