Australasian Metals (ASX:A8G) has secured an exclusive three-month option to acquire majority interests in two lithium projects in Côte d’Ivoire from Firering Strategic Minerals (LSE:FRG).
Australasian can acquire a 75% interest in the Atex Lithium-Tantalum Project and 51% of the Alliance Lithium Project, with the latter licence still under application.
The company will pay Firering a $100,000 option fee and, if it exercises the option and satisfies the conditions precedent, a further $1.4 million in cash at completion.
Historical drilling at Atex returned 67.97m @ 1.23% lithium oxide (Li₂O) from 68.4m, including 27m @ 2.13% Li₂O from 76m.
Another hole intersected 20.77m @ 1.65% Li₂O from 79.48m, including 18m @ 1.85% Li₂O from 80m. The results were reported using a 0.2% Li₂O cut-off grade, with intercepts representing apparent rather than true thicknesses.
Firering has traced lithium mineralisation across more than 800m of strike at Atex, where the system remains open along strike and at depth.
Managing Director Qingtao Zeng says the option follows initial due diligence on the projects.
“Historical drilling at Atex Project has delivered exceptional drill results, and we see significant upside through systematic exploration and resource definition,” Zeng says.
During the option period, Australasian plans to undertake technical, legal, and commercial due diligence through site visits, data verification, mapping, sampling, and preliminary metallurgical test work.
The company says it also intends to begin public consultation and permitting for a maiden drilling program.
Australasian has received commitments to raise $1 million through the issue of 7.69 million shares at $0.13 each. Settlement is expected around 10 September, with the funds allocated to exploration at Atex and Alliance and general working capital.
Australasian will become operator upon completion. Firering’s retained interest will be free-carried until a final investment decision, while Australasian will hold an option to acquire that interest for $5 million plus a 1% revenue royalty.
Write to France Pinzon at Mining.com.au
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