JOHANNESBURG (miningweekly.com) – Australian base metals miner Caeneus Minerals is set to expand its US-based lithium portfolio through the acquisition of 100% interest in Perth-based ATC Resources’ Sarcobatus Flats and Columbus Marsh exploration projects, in Nevada, in the US.
Caeneus reported on Tuesday that it would issue 100-million fully paid shares at $0.003 apiece and 100-million free attaching unlisted options exercisable at $0.005 apiece before June 30, 2021.
Further, 50-million shares will be issued within five business days, while the remaining 50-million shares and the 100-million options will be issued within five days of shareholder approval.
Caeneus will also pay 60-million shares at $0.003 apiece to Gold Exploration Management, which holds the exploration projects with ATC. A cash payment of $81 000 will also be paid on the execution of the term sheet, while $20 000 had already been paid to the company.
Forming part of the Scotty’ South project, Sarcobatus Flats consists of 200 claims stretching over 30 km long and 20 km wide, with lithium values in salt samples ranging from 50 parts per million (ppm) to 340 ppm.
At Columbus Salt Marsh, reconnaissance sampling indicates anomalous amounts of lithium in the shallow ground waters. The highest concentration of lithium is 64 mg/1, representing waters concentrated after leaching source rocks. The company will undertake subsurface exploration to determine if lithium-rich brine exists at depth.