Eastern Resources (ASX:EFE) reports it has exercised its option, through its wholly owned subsidiary Eastern Lithium, to acquire 100% of the Trigg Hill Lithium-Tantalum Project in Western Australia.
Following a Heads of Agreement that was announced on 4 August 2021, the company has exercised its option to acquire the strategic asset, paying Amery Holdings $250,000 in cash, including a payment of either $500,000 in cash or $500,000 in shares.
As part of the transaction, Amery will retain a net smelter royalty of 1.5% on all minerals produced from the project, which is a highly prospective lithium exploration project.
Eastern Resources reports that recent exploration works have delivered outstanding outcomes. Traverse mapping on the Curlew swarm of pegmatites has confirmed that a large number of pegmatites occurred over at least 3km of strike and up to 1.2km in width, and rock-chip assays confirming extensive lithium-caesium-tantalum (LCT) pegmatites, with results up to 2.28% Li2O, 1,552ppm Cs2O, and 514ppm Ta2O5 from the Curlew East pegmatite swarm.
Commenting on the acquisition, Eastern Resources Executive Director Myles Fang said: “The acquisition of Trigg Hill is a milestone for Eastern Resources. Based on our recent exploration works at Trigg Hill we are confident that this tenement contains significant potential for lithium pegmatites where we are undertaking an initial drilling program.
“In exercising the option, Eastern Resources is one more step to closer to realising our strategy of securing our footprint in the highly prospective lithium region in East Pilbara”
In exercising the option, Eastern Resources is one more step to closer to realising our strategy of securing our footprint in the highly prospective lithium region in East Pilbara.”
The Trigg Hill Project is located some 75km southeast of Pilbara Minerals’ (ASX:PLS) Pilgangoora Lithium mine.
The Trigg Hill mine is an old tantalum and tin mine operated during 1960s and early of 1980s.
A significant number of pegmatite outcrops mapped over an area of 3km strike by up to 1.2km in the Trigg Hill Lithium-Tantalum Project including the East Curlew Lithium-caesium-tantalum (LCT) pegmatite, which extends for at least 1,800m.
Write to Adam Orlando at Mining.com.au
Images: Eastern Resources Ltd & iStock
