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Calidus forms new Pilbara lithium exploration venture

Published by , Editor
Global Mining Review,

Calidus Resources Ltd has announced that it has secured a 50% interest in a new Pilbara lithium exploration company.

The company, Pirra Lithium Pty Ltd, is owned equally by Calidus and Haoma Mining NL.

Pirra Lithium will be assigned tenements and lithium rights across the most prospective lithium ground in the Calidus and Haoma portfolios. These tenements and lithium rights cover 1063 km2.

Substantial pegmatites have already been mapped on the tenements, several of which are associated with known tin-tantalum fields.

Calidus Managing Director Dave Reeves commented that the formation of the joint venture with Haoma gives Calidus a low-cost opportunity to gain exposure to an increased area of ground that has been targeted for its lithium potential:

“Pirra Lithium creates a highly-leveraged exploration opportunity for our shareholders.

“There is clearly potential to unlock substantial value by exploring what is highly prospective lithium ground in one of the world’s best lithium provinces.

“We can capitalise on this opportunity without it having any impact on our core asset at Warrawoona, where we are on track to pour first gold in the coming quarter.

“As part of this strategy to create additional value for our shareholders while maintaining our sharp focus on Warrawoona, we are establishing a separate dedicated team to pursue this lithium opportunity.”

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Australian mining news Lithium mining news