Calidus Resources (ASX:CAI) has signed a binding terms sheet with Haoma Mining (ASX:HAO) to fully combine the prospective lithium landholdings of both companies.
Both companies announced last year they would each place certain lithium rights and tenements into a new entity, Pirra Lithium, with a view to listing Pirra on the Australian Securities Exchange (ASX).
Under the agreement, Haoma will hold 60% of Pirra while Calidus will hold 40%. Pirra Lithium has been assigned tenements and lithium rights across the most prospective lithium ground in both companies’ portfolios.
The company reports these tenements and lithium rights cover 1,303km-square in the East Pilbara, 89km-square in the West Pilbara, and 289km-square in the Northampton Inlier.
Caldius reports these additional rights cover multiple ‘highly’ prospective tenements in the West Pilbara, including E45/2983, which is directly along strike from the King Cole lithium pegmatite discovery of De Grey Mining (ASX:DEG).
Additionally, Haoma will ‘vend in’ additional tenements in the West Pilbara surrounding Global Lithium Resources’ (ASX:GL1) Archer deposit.
Commenting on the agreement, Calidus Resources Managing Director Dave Reeves says: “The amalgamation of Calidus’ and Haoma’s lithium rights gives Pirra Lithium an incredible footprint covering some of the most prospective lithium ground in Western Australia.
With the addition of tenements located less than 1km along strike from known lithium spodumene bodies, Pirra now has the critical mass and clear upside to immediately begin finalising a separate listing on the ASX.”
The company states in the West Pilbara, initial reconnaissance work will be conducted on the tenements to determine the thickness and nature of the regolith, so that the most effective techniques can be employed for initial exploration.
“With the addition of tenements located less than 1km along strike from known lithium spodumene bodies, Pirra now has the critical mass and clear upside to immediately begin finalising a separate listing on the ASX”
This work will include mapping, soil sampling, and possible scout aircore (AC) drilling in areas with thicker transported regolith.
In the East Pilbara, field mapping will continue in the wider area around Spear Hill to identify further lithium pegmatites. Work will also be conducted to identify potential mineralogical and chemical alteration haloes around pegmatite, including potentially blind targets.
Additionally, stream sediment sampling will be carried out on multiple tenements that have seen no prior lithium exploration.
In the Northampton area, reconnaissance work will begin shortly with initial efforts to include stream sediment sampling on public land. This is aimed to discover more specific areas of possible interest.
Calidus reports this will help to identify landowners and approach for land access agreements to conduct mapping, as well as soil and rock chip sampling.
Calidus Resources is a gold exploration and development company controlling the 1.7 million ounces Warrawoona Gold Project, located in the East Pilbara district of the Pilbara Goldfield in Western Australia.
Images: Calidus Resources Ltd
