As confirmed by the company, Cazaly Resources is currently busy looking for a strategic Asian partner, but the firm has stressed that it would be happier if it can manage an investment in the junior explorer at the project level, instead of an equity stake.

Nathan McMahon, Cazaly's Chief, has said that he and Co-Managing Director Clive Jones are all set to undertake a travel to the Asian nations next weeks, with the aim to get a partner on board.

On the news, shares of the company rose rapidly. By early afternoon, the stock has climbed 5.5 cents, or 20.37%, to trade at a new high of 32.5 cents.

Also, the company has shared that talks with trading houses and iron ore firms have already started.

"It’s the next step - the next big issue. Our preferred (partnership) now is at the project level. We see a desire for end users to vertically integrate - they want surety of supply", Mr. McMahon said.

Cazaly has said that many parties have shown "strong interest in reviewing" the company's Parker Range iron ore project which has been set up in Western Australia.