JOHANNESBURG (miningweekly.com) – London- and New York-listed Rare Earth Minerals (REM) has subscribed for 6.5-million new shares in ASX-listed Auroch Minerals through a A$650 000 share subscription, giving it a 7.7% interest in Auroch.
“REM continues to deploy its expertise in identifying value investments in highly prospective lithium plays. We will leverage our mining, marketing and lithium industry knowledge and experience to provide continuing support to Auroch, and to assist management and develop these prospects rapidly up the development curve.
“We look forward to a close collaboration with the management of Auroch as it develops its lithium interests,” REM chairperson Andrew Suckling said in a statement on Friday.
The placing funds, along with Auroch's existing A$6.4-million in cash, will be used in part to fund an aggressive exploration and development programme, targeting high-grade lithium in pegmatites similar to those that have been successfully commercialised in Western Australia over the last three years.
Auroch last month applied for five new exclusive prospecting licences in the Erongo region of Namibia.
Prior to the granting of the licences, which is expected to occur within three to six months, an initial work plan will involve field traverse to locate pegmatites within the licences. This will be followed by rock-chip sampling and broad spaced sampling.