American Pacific buys into US projects
PERTH (miningweekly.com) – ASX-listed American Pacific Borate and Lithium will spend $3-million to acquire a 100% interest in the Salt Wells North and Salt Wells South borate and lithium exploration projects, in Nevada, in the US.
In addition to the $3-million exploration spend over a five-year period, American Pacific will also be required to pay $100 000 to the vendor up-front, to reimburse its project costs, with the company also required to pay all claim-related expenditure, estimated at $300 000, over the five-year period.
Once the projects were in commercial production, American Pacific will also be required to make a one-off payment of $1-million, and ongoing royalty payments valued at 3% of the gross revenues.
“We are very excited to be acquiring the rights to earn in to both the Salt Wells North and Salt Wells South borate and lithium exploration projects. The elevated levels of lithium and boron in surface salts from recent sampling suggests an opportunity to establish either a borate project hosted in the sediments or a lithium and/or boron project hosted in the brines, or both,” said American Pacific CEO Michael Schlumpberger.
“Importantly, under the earn-in agreement, we only have modest expenditure commitments in the first two years. This ensures our focus will continue to be on advancing our Fort Cady borate project into production.”
The Salt Well North project includes 171 claims of 20 acres, for a total project size of 13.8 km2, while Salt Wells South includes 105 claims of 20 acres for a total project size of 8.5 km2.
Work on the project area is expected to start in the second half of this year.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
As one of South Africa's leading manufacturers, Bell Equipment distributes and exports its wide range of heavy equipment globally to mining,...
VISIT SHOWROOM
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
