JOHANNESBURG (miningweekly.com) – ASX-listed Kidman Resources has completed the acquisition of the Mt Holland gold/lithium project in Western Australia.
Shareholders approved the transaction at a general meeting held on June 29, and the final documentation was completed on Thursday.
Since entering into the binding share sale agreement in March, Kidman had completed preliminary exploration work on numerous gold prospects at Mt Holland and was now starting a resource drill-out of the Blue Vein gold deposit.
Further gold drilling programmes were being put in place on other deposits and prospects within the Mt Holland tenement package.
In addition to Kidman’s plan to develop Mt Holland into a second producing asset alongside its Burbanks gold mine, near Coolgardie, also in Western Australia, the company had identified good potential for defining a lithium resource.
A recent review had confirmed the Mt Holland tenement package hosted the type of pegmatites known to contain lithium and that historic drill core contained lithium grades of over 2%.
Kidman had also established that, owing to the number and size of pegmatites at Mt Holland, there was significant near-surface tonnage potential.
The company now planned to drill these pegmatites to test for economic grades of lithium such as those demonstrated in historical assays at Mt Holland.