Premier African Minerals Inks JV Pact with Li3 Resources.
MANews-(C)2009-2022
Togo-based multi-commodity mining and natural resource development company Premier African Minerals Ltd has signed a binding joint venture agreement with lithium focused exploration company Li3 Resources Inc. whereby Li3 Resources will acquire a 50% interest in Premier's hard-rock lithium assets located in the Mutare Greenstone Belt in Zimbabwe, the company said.
Premier acquired these claims in June 2020 (see RNS 10 June 2020).
The assets are held by Premier's wholly-owned subsidiary LicoMex Private Ltd.
The Li3 Project holds a number of prospective claim blocks in the Mutare Greenstone Belt, an area prospective for lithium and gold.
This JV Agreement facilitates exploration activities that are funded independently of Premier's Zulu Lithium Private Ltd. operations.
Li3 Resources has until 31 December 2022 to acquire the 50% interest in the Li3 Project by spending USD 250,000 in further exploration works.
Li3 Resources has agreed to invest USD 250,000 into the Li3 Project for the ongoing exploration works, environmental and technical studies and any administrative expenses.
Li3 Resources will have until the 31 December 2022 to invest the Spend in order to exercise the option to acquire the 50% interest in the Li3 Project.
In the event that Li3 Resources do not meet the required Spend within the Period, the Option will lapse.
Li3 Resources is a private, lithium focused exploration company founded and backed by senior mining executives who have had prior success in the lithium sector. The Li3 Project is the first of a number of targeted lithium acquisitions by Li3 Resources.
The plan is to acquire an attractive portfolio of highly prospective lithium exploration projects worldwide and then list the...
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