Capital Mining steps onto lithium exploration field
PERTH (miningweekly.com) – Junior explorer Capital Mining has signed a sales and purchase agreement to acquire Shaw River Lithium and its 13 prospecting licences in the Pilbara.
Capital Mining reported on Friday that the company would issue 30-million of its own shares, worth 0.5c each, on the completion of the transaction, as well as a further 30-million shares upon at least 50% of the licence applications being granted.
“A move into the lithium sector is a logical next step for Capital Mining because it keeps the company’s core business activities in the mineral exploration sector,” said MD Peter Dykes.
“This initial acquisition, although relatively small, positions the company to take advantage of an exciting new opportunity.”
Shaw River’s 13 prospecting licences run across four locations in the Pilbara, which have been identified as having lithium potential. The portfolio is anchored by the Shaw River group, which comprises four targets.
Dykes said on Friday that the nature of the targets identified within the prospecting licences lent themselves to relatively low-cost and short-time surface exploration, with Capital Mining expected to undertake mapping and sampling work once the leases had been acquired.
Capital Mining was estimating an initial exploration budget of between A$50 000 and A$100 000, after which an assessment would be made on whether additional exploration was warranted.
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