Cape Lambert Resources : New Exploration Licence Applications

ASX

Release

11 September 2020

NEW EXPLORATION LICENCE APPLICATIONS OVER COINCIDENT GEOCHEMICAL REE AND GEOPHYSICAL GRAVITY ANOMALIES IN NORTHWEST WA

Highlights

• Applications for two tenements covering 297 graticules in the Carnarvon Basin 33km from the North West Highway east of Shark Bay
• Coincident geochemical rare earth element (REE) and geophysical gravity/TMI anomalies identified with deep gravity low interpreted as a buried diatreme structure.
• Interpreted structure similar in size to the Mt Weld REE deposit.

Australian resource and investment company, Cape Lambert Resources Limited (ASX: CFE) (Cape Lambert or the Company) is pleased to announce that it has lodged applications for two tenements in the Carnarvon basin of WA.

The tenement applications (E 09/2442 and E 09/2441) cover a combined 297 graticular blocks or a total of 914.5 square kilometers starting approximately 33km east of the Overlander roadhouse near the turnoff to Shark Bay (refer figures 1 and 2).

Recent geochemical sampling over the areas known as "Dogger" and "Sebastian" have identified two rare earth element (REE) anomalies coincident with identified geophysical anomalies that indicate potential for the existence of a buried diatreme beneath the geologically recent sedimentary cover sequences (refer Annexure 1 for table of sample locations and assay data).

The southern gravity anomaly (Sebastian) presents as a deep gravity low with a coincident void in the TMI magnetics (figure 3). The density depression and coincident magnetic low can be interpreted as a possible buried diatreme structure with similar dimensions to the Mt Weld REE deposit in the north eastern goldfields of WA. This presents an opportunity for a new REE discovery as the structural environment and geophysical indications may suggest a potential carbonatite source similar to that found at Mt Weld.

The presence of a buried diatreme may also bs a potential host to several different mineralisation possibilities.

Cape Lambert Resources Limited ABN 71 095 047 920

32 Harrogate Street, West Leederville WA 6007
Phone: [phone] Email: [e-mail]
www.capelam.com.au	ASX: CFE

ASX Release

11 September 2020

Figure 1. Location plan

Cape Lambert Resources Limited
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ASX Release

11 September 2020

E 09/2442

E 09/2441

Figure 2. Tenement plan

Cape Lambert Resources Limited
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ASX Release

11 September 2020

Figure 3. Tenement over TMI with geochemical sample locations

Next Steps

The Company is aiming to conduct initial reconnaissance exploration upon grant of tenure consisting of additional geophysics combined with more detailed geochemistry in the first instance as well as ground reconnaissance and desktop studies.

Tony Sage, Cape Lambert's Executive Director, said "This is a great chance to get into the rare earths space at very little cost to the Company with no acquisition costs applicable. With China banning all exports, rare earths are sought after commodities. Cape Lambert has a long track record of investments in the resources sector, and will continue to look out for other opportunities that may arise".

Cape Lambert Resources Limited
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