Battery metals: Lithium Consolidated has found lithium in Zimbabwe
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Lithium Consolidated (ASX: LI3) believes it has struck lithium in Zimbabwe.
The company announced the results of a grab and rock-chip survey campaign and reported that 13 rock samples had at least 1.3 per cent lithium – and the highest sample had 8.6 per cent.
The samples came from sites that were mines some years ago and Lithium Consolidated wants to buy them.
In August it signed an agreement with the vendors subject to regulatory approvals and due diligence being satisfied, which includes the current grab and rock-chip survey.
The due diligence period will end in May and if the company chooses to buy the mines, the total price will be US$425,000.
Zimbabwe has traditionally been known for platinum-group metals and diamonds, but in recent months lithium miners have begun to flock to the country.
Mines and Mining Development Minister Winston Chitando told the Zimbabwe Daily lithium miners made up most expressions of interest for deals to enter the country.
Since the exit of Robert Mugabe, regulators have attempted to attract foreign investment including ASX small cap miners. Such measures include simplification of the tax system, although some issues remain including a lack of printed currency.
Also, despite Mugabe’s departure, his former party (Zanu-PF party) remains very much in charge.
Manganese miner Bryah Resources (ASX: BYH) have done a deal with fellow manganese miner OM Holdings (ASX: OMH) to spend up to $7.3 million to earn up to a 70% interest in Bryah’s flagship West Australian project. OM has already paid a $250,000 signing fee and will have paid another $750,000 by August in an exercise fee and project expenditure.
OMH will then have to spend $2 million by 30 June 2022 to earn 51 per cent and further targets, which take the total to $7.3 million have been set with a relevant stake but without a time frame. Drilling will commence in early May. Bryah Managing Director Neil Marston has declared the deal ‘a game-changing event’ for the company.
Metals Australia (ASX: MLS) has drilled 11 holes in its most recent campaign at its Canadian graphite project – and intersected graphite at every single hole. The project, Lac Rainy, lies in a graphite-rich region of Quebec, near the town of Fermont and covers 4,600ha.
The company has sent the samples to its laboratory for assay and will continue to drill extensions at Lac Rainy. Director Gino D’Anna told shareholders the company remained “encouraged” by the results.