The EL is located about 30km west of its Barrow Creek I along the Arthur Creek Formation in the Basin.
It is surrounded by five exploration license applications made by Rum Jungle Resources over the past six months that includes ELs 28978, 28979, 28980, 29266 and 29287.
The company will settle the acquisition through the issue of up to two million Rum Jungle shares.
If a viable phosphate deposit is indicated by drilling during the next 24 months Rum Jungle will issue an additional 1.5 million shares to Spinifex.
Spinifex will retain a $0.50 per tonne royalty on any direct shipping phosphate rock or beneficiated phosphate rock suitable for feeding a phosphoric acid or DAP plant.
Rum Jungle has allocated a $4m exploration budget this year for the Ammaroo Phosphate Project.
This covers drilling of the northwest exploration ground as well as upgrading the Resource at both the Barrow Creek 1 and Ammaroo 1 Phosphate Deposits.
Rum Jungle Resources is a diversified junior explorer focused on highly prospective land located in Australia’s Northern Territory and Queensland.
