ASX-listed mining company Lord Resources (ASX:LRD) has completed the acquisition of the Jingjing Lithium Project in the Yilgarn Craton of Western Australia.
Under the agreement, Lord paid $10,000 in cash and issued 900,000 shares to the vendor, Amery Holdings, and its nominees to acquire 100% of the project. Of the shares issued, half will be escrowed for 3 months and the other half for 6 months.
Lord will also be required to pay a $100,000 milestone payment in cash or shares to Amery within 30 days of either achieving 2 intercepts of 10% m equivalent or better in 2 holes or making a decision to mine.
Examples of qualifying drill results include 10m @ 1% Li2O or 7m @ 1.5% Li2O for lithium; or 10m @ 20g/t Au or 5m @ 40g/t Au for gold.
Additionally, the company will also grant Amery a 0.5% net smelter return (NSR) royalty on minerals produced from the tenements.
Commenting on the acquisition, Lord Resources Managing Director Barnaby Egerton-Warburton says: “We are excited to have completed the acquisition of the Jingjing Project, as it aligns with the company’s exploration strategy of unearthing opportunities in WA’s Super Lithium Province.”
The Jingjing Lithium Project is in the Eastern Goldfields Province of the Yilgarn Craton in Western Australia, about 125km southeast of Kalgoorlie and about 50km northeast of Norseman.
“We are excited to have completed the acquisition of the Jingjing Project, as it aligns with the company’s exploration strategy of unearthing opportunities in WA’s Super Lithium Province”
Lord reports the tenements straddle the contact zone between greenstones and granitoids and are considered prospective for lithium-caesium-tantalum (LCT)-type pegmatites.
Field reconnaissance conducted by Lord’s technical team has outlined a series of pegmatites in the north of tenement E15/1912 that are hosted by variably sheared felsic volcanics and sediments of the Black Flag Group.
Locally, the company reports the greenstone terrain is composed primarily of felsic volcanics/sediments and mafic intrusive sills of the Kalgoorlie Terrane, which have been intruded by granitic bodies. Additionally, there is little outcrop in the project area, with large areas of depositional cover that could potentially mask additional pegmatites.
The company reports a review of historical reports indicates there has been no previous lithium exploration within the tenements, noting previous explorers focussed on gold and nickel mineralisation. As a result, previous explorers did not assay for lithium or other lithium indicator elements.
Lord Resources is a Western Australian mining company focused on exploring its diverse portfolio of projects. These projects include the Horse Rocks Lithium, Cambridge Nickel-Copper-PGE, Gabyon Gold, Jarama Gold, and Viper Nickel-Copper-PGE projects in Western Australia.
Images: Lord Resources Ltd
