Australia-listed Desert Metals is taking its hunt for gold and lithium to West Africa, acquiring 100% of the issued share capital of Côte d’Ivoire mineral explorer CDI Resources.
CDI currently owns a 51% interest in Smart Mineral Exploration Côte d’Ivoire, which holds the flagship Tengrela South project and has a right to earn up to an 80% interest.
This project, Desert MD Robert Stuart says, is well advanced, has outstanding historical results, and is particularly exciting given its location within 30 km of Perseus Mining’s Sissingué gold mine and 10 km of the Atex lithium discovery made by Firering Strategic Minerals in a joint venture (JV) with Atlantic Lithium.
In addition, CDI has the rights to earn a majority interest in six additional mineral exploration projects in Côte d’Ivoire under low-cost JV arrangements.
In consideration for the acquisition, Desert has agreed to issue the shareholders of CDI a total of 75-million fully paid ordinary shares.
Desert is currently exploring for intrusive nickel and copper on the NW margin of the Yilgarn craton in Western Australia.