Cobra Resources PLC (LSE:COBR) said it was granted a 536 km2 exploration tenement east of its Wudinna project on the Eyre Peninsular in South Australia.
The land (Tenement EL 6718) is considered highly prospective for gold and rare earth mineralisation, London-listed Cobra said in a statement.
The exploration and mining company also applied for an additional 925 km2 of ground, which is also considers highly prospective for rare earth mineralisation, close to and partially contiguous with Wudinna.
In February, Cobra announced that it intercepted rare earth elements as well as gold mineralisation on Wudinna's Clarke prospect.
READ: Cobra hits gold and rare earths in latest round of drilling at Clarke
"EL 6718 complements the company's exploration strategy to grow our existing gold resources as well as expand and capitalise on our recent rare earth discovery,” said chief executive Rupert Verco.
“This ground is flanked by mineral deposits like the Weednanna gold and hematite project and the Paris silver project. The geology is highly prospective and yet underexplored.
“The tenement grant is a positive step towards Cobra growing its unique and complementary mineral inventory and becoming a leading rare earths play within the Eyre Peninsula.”