Australia-listed Macro Metals on Tuesday announced a binding option to acquire 85% of the lithium rights of the Aurora project in Oregon, US, from fellow-listed Aura Energy Metals.
Nonexecutive chairperson Peter Huljich said the Aurora lithium project represented a “drill-proven opportunity” in the US’ biggest lithium province, the McDermitt Caldera.
The Caldera is host to two significant lithium resources, including Lithium America’s Thacker Pass.
Macro has been granted an exclusive three-month option period to conduct due diligence and complete formal documentation for a fee of A$50 000. If the option is exercised, Macro will issue 666 666 667 ordinary shares at a deemed issue price of A$0.003 plus an additional 666 666 667 options.
Aurora Energy will retain 15% of the lithium rights and 100% of the nonlithium rights, allowing the company to focus on the development of its namesake uranium deposit.
Aurora Energy MD Greg Cochran said that Aurora’s primary strategic focus was its uranium deposit.
“The proposed transaction with Macro allows Aurora to focus on the development of our advanced, large-scale and well-defined uranium deposit, whilst retaining leverage to the increased value of lithium exploration via our significant shareholding in Macro post transaction.”
The Aurora uranium deposit has a mineral resource estimate of 107.3-million tonnes at 214 ppm uranium oxide for 50.6-million pounds.