PERTH (miningweekly.com) – Gold explorer Sovereign Gold on Thursday unveiled plans to expand its gold footprint and to acquire lithium assets, following a strategic review.
The company told shareholders that the board had been assessing domestic and international gold and lithium opportunities with a focus of acquiring projects near known and well-documented lithium discoveries and production areas.
In fact, the company said that it was in discussions regarding a lithium opportunity that would satisfy its investment criteria.
Sovereign explained that the additional acquisition of prospective gold and lithium assets would strengthen the company’s resource portfolio and provide upside to shareholders.
In keeping with its gold focus, Sovereign also appointed an independent consultant to work with the company’s chief geologist to review the prospectivity, drill hole data and undertake resource development planning, as well as scrutinise the potential for mining operations across its gold portfolio.
The Mt Andrah operation, in New South Wales, remained a strong focus for the company, and Sovereign intended to fund drilling at the project area either through existing cash, or by seeking a joint venture partner.
The project currently had a mineral resource estimate of some 770 000 oz of gold within a total mineral resource of 20.5-million tonnes, grading 1.1 g/t gold.