Zenith Minerals (ASX:ZNC) has reclaimed 100% control of key lithium assets, namely the Split Rocks Lithium and Waratah Well projects in Western Australia.
In January 2022, the $47.57 million market capitalisation company granted a subsidiary of global battery chemicals and technology business EV Metals Group the opportunity to earn a 60% interest in both projects, by sole funding the completion of a Feasibility Study before January 2024.
According to Zenith, EV Metals did not carry out any ‘significant’ on-ground exploration activity at the projects in 2023 to satisfy the key conditions of the agreement.
Under the terms of the earn-in agreement, EV Metals withdrew from the agreement, resulting in $1 million of outstanding refunds owed to Zenith.
Zenith Minerals Managing Director Michael Clifford says the company will now conduct a review of both projects, including potentially seeking expressions of interest from potential strategic investors.
Clifford says: “With 318 drillholes now fully permitted, including 50 at the Rio lithium deposit, and permits for 193 aircore drillholes at the expansive Cielo lithium target and other sites, we are well positioned for a 2024 extensive exploration campaign.”
During December 2023, the company previously announced 83 lithium targets were ready for drill testing at Split Rocks.
Meanwhile at the Waratah Well Project, heritage surveys have been completed and PoW’s are in place to allow a substantial follow-up drilling program to be carried out.
Follow-up drilling aims to define the extents of lithium mineralisation, which remains open to the north, south, and east under shallow soil cover.
Zenith Minerals is an Australian-based minerals explorer focused on discovering battery metals. The company has 4 assets prospective for lithium in Western Australia.
As of 30 September 2023, the company had $2.748 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Zenith Minerals
