PERTH (miningweekly.com) – Junior White Cliff Minerals has signed a binding agreement to acquire the Abraxis lithium project, in the Pilbara.
The company on Friday said that it would acquire Abraxis Mining, which holds three adjacent tenements covering 294 km2 in the Pilbara, in exchange for A$40 000 in cash and a further A$80 000 in White Cliff shares.
White Cliffs would also issue the vendors a 1% net smelter royalty over the project area.
“The acquisition of Abraxis, which holds three tenement applications considered highly prospective for lithium, expands the company’s Western Australian lithium and rare earth element project portfolio,” said technical director Ed Mead.
“While the Abraxis lithium project area has been subject to sporadic historical exploration, primarily focused on tin and gold, it has had limited modern exploration. Of note, both Riversgold and QX Resources have projects straddling the Tambourah Monzorgranite, roughly 15 km to the east of Abraxis.
“We look forward to being the first company to focus on the lithium potential in the project area and getting on the ground as soon as possible.”