Dart Mining (ASX:DTM) has extended its option for Infinity Lithium (ASX:INF) to acquire two projects, enabling completion of its due diligence work before finalising the acquisition.
Infinity will acquire 100% interest in the Mitta Mitta Project tenement package, as well as entering an earn-out joint venture for up to 80% interest in the Corryong Project tenement package.
The company first entered the option agreement with Infinity in April to divest and create a earn-out joint venture over the two projects for a total potential consideration of $3.4 million in cash and shares, as reported by Mining.com.au.
Both projects are located in the Lachlan Fold Belt in Victoria, which runs for a total area close to 300,000km2 across the east coast of Australia.
Infinity has indicated it will prioritise its operations in Victoria following the acquisition of these projects.
Dart Mining says it will continue to progress exploration in the group’s existing projects in Queensland and Victoria.
Infinity Lithium is a mineral explorer with gold and silver assets in Australia and Spain.
Strategically positioned with gold, silver, copper, and antimony projects across the east coast, Dart Mining is focused on unearthing precious and critical minerals in Australia.
Write to Maddison Elliott at Mining.com.au
Images: Dart Mining
