Sultan Resources (ASX:SLZ) has completed its purchase of both the Kember Lake Lithium and Ruddy Lithium projects in Ontario, Canada, from XS Minerals.
The company says both projects are located immediately adjacent to or abutting known spodumene-bearing pegmatites intersected in drilling and containing defined resources, as announced by Sultan in March this year.
Sultan reports the projects comprise a total land area of 39.3km-square which, subject to local registration and processing, is now wholly owned by Sultan. This land is described as ‘highly prospective’ and sought-after lithium tenure.
This company notes this acquisition also comes following the completion of the second tranche payment of its recent share placement, under which it issued 30 million shares at $0.05 per share to raise $1.5 million from resource-experienced sophisticated and high-net-worth investors, as announced by Sultan earlier this week.
With the acquisition now complete, Sultan Resources announces it is continuing to review historical data for the Canadian lithium projects ahead of the opening of the Canadian field season, during which the company plans to conduct exploration activities at each project.
Addressing the acquisition, Sultan Resources Chairman Jeremy King says: “We are pleased to have closed this transaction. The company now holds 100% of tenure with the correct host geology in a region which is emerging as a globally significant lithium exploration address.
“The company now holds 100% of tenure with the correct host geology in a region which is emerging as a globally significant lithium exploration address”
We look forward to finalising our exploration strategy for these projects and getting boots on the ground and will keep the market updated in this respect.”
Sultan Resources is an ASX-listed exploration company with a portfolio of quality assets in emerging discovery terranes currently targeted by explorers such as Newcrest Mining (ASX:NCM), Alkane Resources (ASX:ALK), Gold Road Resources (ASX:GOR), and Sandfire Resources (ASX:SFR).
The company’s portfolio includes prospective targets for porphyry gold-copper and structurally-hosted gold, nickel, cobalt, and base metals, and it includes tenements located in the east Lachlan Fold Belt of central New South Wales and the southern region of the Yilgarn Craton in Western Australia.
Both the Kember Lake Lithium and Ruddy Lithium projects are located in Ontario, Canada, about 180km north of the town of Red Lake and 162km north-northeast of the township of Dryden. Additionally, both projects are considered prospective for lithium mineralisation and are located in proximity to ground held by Green Technology Metals (ASX:GT1), as well as Frontier Lithium’s Spark deposit.
Write to Adam Drought at Mining.com.au
Images: Sultan Resources Ltd