Rare earths-focused Caprice Resources has announced it will exercise its option agreement to secure a 90 per cent stake in the West Arunta region-based Bantam project.

Glenn Whiddon-chaired Caprice advised the market earlier this month about its plans to acquire Bantam, which covers 1470 square kilometres and shares a 30km long border with WA1 Resources’ West Arunta project.

Following completion of the transaction, both Caprice and the vendor, HJH Nominees, will form an unincorporated joint venture in relation to the project’s four contiguous tenements.

During this period, Caprice is free to carry HJH until a decision has been finalised to develop or mine tenements at Bantam.

Mr Whiddon said the acquisition will secure a “commanding land position” for the company.

“We are pleased to have concluded a comprehensive due diligence review, encompassing geological, geophysical, tenement and heritage considerations which has culminated in the decision to exercise the option,” he said.

“This secures Caprice a commanding land position, the fourth largest ASX listed exposure, in this highly fertile and chronically underexplored region which is being proven to host world class discoveries.”

Aside from focusing on its granted E80/5873 lease at Bantam, Caprice said it was in the process of identifying and appointing a new chief executive officer.

Caprice closed trade at 3.2 cents per share, up 6.4 per cent.