Lithium Australia/Okapi form gold JV
PERTH (miningweekly.com) – ASX-listed Lithium Australia has struck a gold-focused farm-out joint venture (JV) with fellow-listed Okapi Resources over the Mount Day and Medcalf tenements, in Western Australia.
Under the terms of the agreement, Okapi will pay a A$20 000 deposit to secure the option, and has ten business days from the date of the agreement to complete a legal due diligence.
The company would also have 30 days in which to complete a technical due diligence.
On the exercise of its option, Okapi would undertake a minimum spending of A$150 000 on the tenements, and would earn a 7% interest in the tenements by spending A$1.2-million over a 60-month period.
Lithium Australia MD Adrian Griffin said on Thursday that the company was striving to add value to its exploration assets, and that the JV with Okapi was a great step in that direction.
“The Lake Johnston region has great fundamentals as a gold province but has been overlooked in recent exploration. The area also has huge lithium potential as evidenced by outcropping spodumene deposits on our Medcalf prospect.
“The JV with Okapi provides Lithium Australia shareholders with upside for gold and base metal discoveries while retaining 100% of the lithium potential. This is the best of both worlds,” Griffin said.
Okapi chairperson Rhod Grivas said that the acquisition of the projects marked a significant step for the company in fast-tracking into an exploration programme in a region that has significant gold and nickel potential.
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