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Golden Mile acquires licenses in lithium rich East Pilbara

Published by , Editor
Global Mining Review,

Golden Mile Resources Ltd has entered into a binding agreement to acquire the rights to three exploration licences near Marble Bar, situated in the lithium rich East Pilbara region of Western Australia.

The acquisition strategically expands Golden Mile’s portfolio of grassroot exploration projects focussed on critical green metals that includes copper, nickel, and lithium to service the predicted high growth in the electric vehicle (EV) sector.

  • Golden Mile enters into a binding agreement to acquire the rights to three exploration licences near Marble Bar, an emerging gold and lithium district situated in the East Pilbara.
  • The project is located within 100 km radius of the major Wodgina and Pilgangoora Lithium Mines and approximately 20 km from Global Lithium Resources Ltd’s recent Archer Lithium discovery at Marble Bar.
  • In addition to the major lithium projects the tenements are also located within 100 km radius of the Warrawoona (1.5 million oz), Beatons Creek (0.9 million oz), Mt York (0.9 million oz) and Bamboo Creek gold deposits as well as the Sulphur Springs Cu-Pb-Zn deposit.

The company has entered into a binding agreement with Calatos Pty Ltd to acquire the rights to tenements E 45/6127, E 45/6129, and E45/6131 (the Calatos Project) for consideration being $33 000 (incl. GST) in cash and 3 million ordinary shares in the company (at a deemed issue price of $0.05 per share), and deferred consideration being ordinary shares in the company valued at the total sum of $150 000 (at a deemed price calculated on the 20-day VWAP of the company’s ordinary shares prior to the Milestone Achievement Date) to be issued on satisfaction of the Performance Milestone prior to the Performance Expiry Date. The tenements are located at Marble Bar in the East Pilbara region of Western Australia.

Golden Mile has also completed a capital raising of $1.6 million (before costs) at an issue price of 5.6 cents ($0.056) per share, with one free attaching option for every two shares subscribed for (option terms: $0.10 exercise price and expiry date of 23 September 2023). The capital raising received strong demand and will fund exploration at the Calatos Project, in addition to continued exploration of the company’s existing projects – Yarrambee, Yuinmery, and Quicksilver.

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This article has been tagged under the following:

Australian mining news Lithium mining news