PERTH (miningweekly.com) – Junior Askari Metals has struck a deal with fellow listed Raiden Resources to acquire the Myrnas Hill lithium project, in the Pilbara region of Western Australia.
The project covers 50 km2 and initial exploration at the project will include a comprehensive data review and satellite imagery programme ahead of a planned soil sampling and rock sampling.
“The acquisition of the Myrnas Hill lithium project bolsters the company’s presence in the Pilbara region of Western Australia. Sitting exclusively within the LCT Pegmatite “Goldilocks Zone”, the Myrnas Hill project is considered highly prospective for lithium pegmatite mineralisation,” says Askari executive director Gino D’Anna.
“Exploration success by others around the Myrnas Hill project has demonstrated the fertility of this project area and we are very excited by the opportunity to commence exploration immediately. Myrnas Hill is highly complementary to our district-scale Yarrie lithium project, and we see this as a terrific opportunity to expand our footprint in areas that have a high chance of exploration success.”
D’Anna notes that the Pilbara region in Western Australia hosts some of the world’s largest and highest grade hard-rock lithium projects and has developed a reputation for being the leading jurisdiction for hard-rock lithium exploration, development and production.
“The Myrnas Hill lithium project is situated in between the DOM’s Hill lithium project which is a joint venture between Kalamazoo Resources and Chilean-based mining giant SQM and the Pear Creek lithium project which is owned by Kalamazoo Resources. Myrnas Hill is also located less than 30km northwest of the Global Lithium Resources’ Archer lithium deposit and within 50 km of the giant Pilgangoora and Wodgina lithium mines.”
Under the terms of the agreement, Askari will provide Raiden with A$125 000 worth of shares, at a deemed price equal to the higher of 45c each or the five-day volume weighted average price of Askari immediately prior to the share consideration, as well as A$75 000 in cash.
Raiden MD Dusko Ljubojevic says the company is pleased to have executed the transaction, allowing Raiden to focus on advancing its core projects, while generating value from the portfolio.
“The company plans to generate additional value generative transactions from its other noncore assets, both in Australia and its Balkan portfolios. The company will continue to focus on advancing the Mt Sholl nickel/copper/cobalt/platinum deposit in the Pilbara as a key focus.”