The company applied for the Gundaroo tenement with a view to expand its base metals exploration portfolio within the East Lachlan Ford belt, and said on Thursday that exploration would start later this year.
The Gundaroo project is located some 10 km west of Centrex’s existing Gouldburn base metals joint venture (JV) with China’s Shandong 5th Geo-Mineral Prospecting Institute.
In addition to the Gundaroo approval, the company was also granted a new 250 km2 type two industrial minerals licence overlaying the current mineral tenements of the current Gouldburn JV, where both barite and lateritic bauxite occurrences have been identified.
Centrex told shareholders that it would explore for these minerals, in conjunction with the upcoming A$2-million base metals exploration programme being funded by JV partner Shandong, to earn a 35% interest in the JV.
The completion of the JV was subject to both Chinese and Australian government approvals, which were expected later this year.