Calidus Resources Limited (ASX: CAI)

Announced that it has a 50 per cent interest in a new Pilbara lithium exploration company, Pirra Lithium Pty Ltd,  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 1,063km2   […] 

 

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Calidus Resources	ASX: CAI
Stage	Development, exploration
Metals	Lead, Silver, zinc, lithium
Market Cap	A3300 m @ 82.5c
Location	Pilbara, Western Australia

 

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Calidus forms new Pilbara lithium exploration joint venture with lithium rights covering more than 1,000 sq km in the East Pilbara of WA

 

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Calidus Resources Limited (ASX: CAI) is pleased to announce that it has a 50 per cent
interest in a new Pilbara lithium exploration company.

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

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 1,063km2
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Highlights

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

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Location

Pirra Lithium has access to tenements totaling 1,063km2 as shown in Figure 1. The
tenements were selected based on lithium prospectivity from Calidus’ and Haoma’s
extensive landholdings in the East Pilbara.

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Calidus Resources management comments

“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.”

Calidus Resources Managing Director Dave Reeves

 

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For brevity, this summary has been redacted, to read the full news release, please click HERE

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Disclosure

At the time of writing, the writer holds shares in Calidus Resources bought in the market at the prevailing price on the days of purchase.

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