LOW profile junior Paradigm Gold says it is close to having native title agreements bedded down that will clear the way for the approval of three uranium exploration licences in Queensland, while it has also exercised an option to purchase two tungsten exploration licences in New South Wales.
The Sydney-based explorer informed the market today that a final draft agreement had been concluded with the Mitakoodi people, the traditional owners of land east of Cloncurry in Queensland's Mt Isa region that has been identified as containing anomalous uranium.
The company said it expected to sign an official agreement with the Mitakoodi within days, allowing for the granting of the three relevant licences to be fast-tracked early in the new year.
It added that it was actively looking to acquire new uranium exploration properties in Mt Isa and was in discussion with several parties that control prospective acreage.
On the tungsten front, the exploration licences purchased from Copper Strike cover an area of 410 square kilometres south of Orange in NSW and include the White Rock deposit, which contains a resource of 150,000 tonnes grading 0.9% wolfram.
Paradigm carried out due diligence on the project, including detailed ground magnetic surveys on the area adjacent to the known resource, and believes there is significant potential to outline a deposit of at least 1 million tonnes grading 1% wolfram.
"With relatively shallow mineralisation and modest development costs, this project has the potential to generate early cash flow and strengthen Paradigm's capacity to continue with its other activities," the company said.
Shares in Paradigm rose 1.5c (12%) to 14c in midday trading.
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