Godolphin Resources has signed a farm-in and joint venture agreement with EX9 to purchase up to 75% stake in the Narraburra rare earth element (REE) project in New South Wales (NSW), Australia.

Following a systematic review of the REE potential of the Lachlan Fold Belt and the company’s own tenements, Godolphin has signed the agreement.

The deal covers two tenements, including EL 8420 and EL 9258, with a total area of 349km².

Situated around 340km west of Sydney and 15km north of Temora in central west NSW, the Narraburra REE project is said to contain zirconium, REE and rare metal (RM) resources including significant amounts of lithium.

The project, which is listed as a critical minerals project by the Australian Government’s Australian Trade and Investment Commission, is 30km from Godolphin’s recently purchased Sebastopol target and 60km from its Gundagai project.

Godolphin managing director Jeneta Owens said: “We are very pleased to have secured this agreement with EX9 to progress a farm-in for the highly prospective Narraburra REE project.

“Importantly, there has been considerable historic exploration activity undertaken, which provides us with abundant initial data, upon which we can base the next phase of project assessment which we will now expedite.”

The Narraburra project has earlier reported JORC 2004 compliant inferred resource of 73.2m tonnes at 1250g/t ZrO2, 327g/t REO, 146g/t Y2O3, 126g/t Nb2O5, 45g/t HfO2, 54g/t Ga2O3 and 118g/t Li2O.

The project’s earlier exploration consists of airborne magnetic surveys, geological mapping, mineralogical studies, preliminary metallurgical test work, as well as irregular wide-spaced RAB and RC drilling.

In June 2019, Ardea Resources announced the spin-out of its Lachlan Fold Belt gold and base metal tenements in NSW into a subsidiary called Godolphin Resources.