Altamin (ASX:AZI) has bolstered its Lazio Project area near Cesano, Italy by more than 500% after securing 4 new exploration licences from Regione Lazio.
The $21.94 million market capitalisation company says the combined exploration licence area provides Altamin with the majority land position in the Cesano geothermal field.
The project now consists of 6 licences, including the historical test wells drilled by Enel in the 1970s and the extraction and injection wells that were used for ‘extensive’ pilot-scale testwork.
Further, an updated study by expert Italian geothermal consultants Steam, provides hydrological and geological models for the project, and reports a ‘positive’ reservoir assessment for geothermal energy, with ‘elevated’ levels of lithium, potassium, and boron in the brines.
Further evaluation of the reservoir’s contained mineral endowment, and potential extraction pathways, is in progress by relevant European based specialists.
Altamin Managing Director Geraint Harris says the company is positioned to evaluate what it believes to be potential for Italy to host ‘world-class’ resources of in-demand minerals.
“It is hugely encouraging that we have been able to secure a majority land position in the Cesano geothermal area, and this has unlocked the value of historical wells and production data which has lain dormant for more than 40 years.
Italy has been the pioneer and home of geothermal energy since 1911 and we are very fortunate to have a skilled Italian team and access to world class technical expertise within Italy and in the broader European context. We are now focused on plans to accelerate progress with the further evaluation and development of these assets.”
Altamin is focused on the identification, acquisition, and assessment of rich mineral deposits in Italy that are attractive for commercialisation and development in conjunction with European Union objectives, regulators, and strategic partners.
The Lazio Project sits about 30km northwest of Italy’s capital city of Rome.
As of December 2023, Altamin had $1.86 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Altamin
