Mineral Commodities Ltd. agreed to acquire exploration lease E74/565, which adjoins the company's Munglinup graphite deposit in Western Australia, for A$200,000.
The lease is set to expire Aug. 4, 2020, according to a June 8 release.
The company said airborne geophysical surveys undertaken in 2011 identified significant anomalies within its mining lease, which extend into E74/565.
Recent drilling also extended mineralization to the north and east, supporting the geophysical interpretation showing continuation of graphite mineralization into the newly acquired lease.
Mineral Commodities said it will conduct preliminary exploration, including drill target generation on the exploration lease in the coming months, leading up to drill testing of areas of potential graphite mineralization later in the year.
