Mt Monger Resources staked a claim on three lithium and rare earth tenements in Ravensthorpe with exploration showing all the right signs in the southern reaches of Western Australia.
The tenements, considered highly prospective, lie near the Mt Cattlin lithium mine, which held 8.2 million tonnes of reserve lithium and tantalum ore.
Past explorers at the site, only focused on gold, copper, and nickel, had handily collected assay data for the junior explorer to utilise.
Rare earth deposits once considered uneconomic are now viewed as critical by world powers as rapidly discovered applications while lithium constantly hits all-time trading highs.
The company said the licenses are expected to be forthcoming.
“We identified highly prospective areas of open ground that we have proactively staked to increase our ground holding,” managing director Lachlan Reynolds said.
“There has been a little systematic exploration in recent times despite significant previous results across a range of commodities.”
Mt Monger will continue compiling historical data for the region while advancing on the area’s granted tenements.
MTM’s Australian Stock Exchange-listed share price has risen 11.76 per cent today, selling at 19c (8.31 am UTC+ 8 hours).