EV Resources (ASX:EVR) reports that it has agreed to terms to acquire the remaining 20% of E45/5849 Shaw River, held by privately held company Supergene.
Upon execution of the transaction, EV will hold 100% of the Shaw River Project tenement, which is strategically located within an 80km radius of 3 major Lithium developments – the Wodgina Lithium Mine, the Pilgangoora Lithium Mine, and the Marble Bar Lithium Project.
The acquisition consideration totals 3 million EV ordinary shares issued at $0.03 per share.
EV Resources’ share price was trading at $0.028 as of 11am AWST today (7 September).
The Shaw River Project, located 220km from Port Hedland and 70km from Marble Bar, comprises exploration license E45/5849 comprising 22 blocks. The tenement area has a strong history of successful mining of alluvial tin and tantalum as part of the Shaw River Tin Field and demonstrated potential for lithium and rare earth minerals.
The company has undertaken field reconnaissance work in the vicinity of historic mines and alluvial workings within the tenement.
Recent desktop studies and the compilation of historic data have identified further pegmatite targets within the tenement as identified by Geological Survey of Western Australia (GSWA) mapping and extracted from the field observation sites and information database (WAROX).
The Shaw River Project complements the company’s existing lithium assets located in Austria, which are being collaboratively developed with European Lithium Limited (ASX:EUR).
Images: EV Resources Ltd
