Carbine Resources (ASX:CRB) said it was granted a mining lease at the Muchea West silica sand project for an initial term of 21 years by the Western Australian Department of Energy, Mines, Industry, Regulation, and Safety, according to a Wednesday Australian bourse filing.
The new mining lease covers a portion of the project's resources, while the balance of the resources is located on an already granted exploration license.
The lease does not allow for the beginning of mining activities at the project, which remains subject to certain approvals, including environmental approvals and consents relating to the Muchea Air Weapons Range.
Carbine Resources' shares surged 50% in recent trading on Wednesday, earlier hitting a 52-week high.
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