Li3 signs JV to acquire half of lithium miner’s assets in Zimbabwe
Aim-listed Premier African Minerals has signed a binding joint venture (JV) agreement with lithium exploration company Li3 Resources, which will acquire a 50% interest in Premier‘s hard-rock lithium assets, collectively known as the Li3 project, in the Mutare greenstone belt, in Zimbabwe.
Premier acquired these claims in June 2020 and the assets are held by Premier’s wholly-owned subsidiary LicoMex.
The Li3 project comprises a number of prospective claim blocks in the Mutare greenstone belt – an area prospective for lithium and gold.
Li3 has until December 31 to acquire the 50% interest in the Li3 project by spending $250 000 in further exploration works.
“The Li3 project is located in a region in Zimbabwe that is receiving significant interest in both lithium and potential gold deposits. The claim blocks are well located and, in several instances, have already attracted interest from international lithium producers.
“Of particular importance is that Li3 plans to list on the TSX, and this brings to Zimbabwe widened international interest and investment.
“For Premier, this expands our lithium interests in Zimbabwe and, while exploration and development at Zulu is independent of the activities of the Li3 project, there is bound to be benefit and synergy. Li3 has indicated that their contribution will be settled in one complete payment, and this is expected imminently,” says Premier CEO George Roach.
Mining weekly