Exploration company Accelerate Resources (AX8) has sold two exploration licences in east Pilbara to a subsidiary of Fortescue Metals for A$300 000 and a milestone payment of $500 000 should mining start on the licences.
Proceeds from the sale will be used to support AX8’s budget for the upcoming exploration and drilling campaign at the Prinsep project and within the greater Karratha lithium projects portfolio.
Prinsep is a drill-ready exploration project about 35 km west of Azure Minerals’ Andover discovery that is currently subject to a A$1.7-billion takeover offer by SQM and Hancock Prospecting.