Calidus Resources Limited (ASX:CAI) has signed an agreement with Haoma Mining NL to fully combine the prospective lithium landholdings of both companies.
Calidus and Haoma announced last year that they would each place certain lithium rights and tenements into a new entity, Pirra Lithium, with a view to listing Pirra on the ASX.
Under the Agreement recently announced, both companies will vend into Pirra their respective lithium rights not already placed into Pirra.
These additional rights cover several highly prospective tenements in the west Pilbara, including E45/2983, directly along strike from the King Cole lithium pegmatite discovery of De Grey Mining Limited.
In addition, Haoma will vend in additional tenements in the West Pilbara surrounding Global Lithium Resources Limited’s Archer deposit. Calidus Otways Pty Ltd will vend in two Exploration Licences in the promising, but highly under-explored, Northampton Inlier in WA’s Midwest region.
Under the Agreement, Haoma will hold 60% of Pirra Lithium and Calidus 40%. Pirra Lithium has been assigned tenements and lithium rights across the most prospective lithium ground in the Calidus and Haoma portfolios. These tenements and lithium rights cover 1,303sqkm in the east Pilbara, 89sqkm in the west Pilbara and 289sqkm in the Northampton Inlier.
The amalgamation of Calidus’ and Haoma’s lithium rights gives Pirra Lithium an incredible footprint covering some of the most prospective lithium ground in Western Australia,” Calidus Managing Director, Dave Reeves, said.
“With the addition of tenements located less than 1km along strike from known lithium spodumene bodies, Pirra now has the critical mass and clear upside to immediately begin finalising a separate listing on the ASX.”
Future work
Following consolidation of the enlarged tenement package held by Pirra, a strategic review will be carried out to rank the various tenements in terms of their perceived prospectivity. In the west Pilbara, Initial reconnaissance work will be conducted on the tenements to determine the thickness and nature of the regolith, so that the most effective techniques can be employed for initial exploration. This work will include mapping, soil sampling and possible scout air core drilling in areas with thicker transported regolith.
In the east Pilbara, field mapping will continue in the wider area around Spear Hill to identify further lithium pegmatites. Work will also be conducted to identify potential mineralogical and chemical alteration haloes around pegmatites, including potentially blind targets. Stream sediment sampling will also be carried out on several tenements that have seen no prior lithium exploration.
In the Northampton area, reconnaissance work will begin shortly, with initial efforts to include stream sediment sampling on public land to discover more specific areas of possible interest. This will help to identify landowners to approach for land access agreements to conduct mapping and soil and rock-chip sampling. Existing, open-file airborne geophysical data will be purchased and reprocessed to reinterpret the geology and structure on the tenement package. This is a necessary first step because the Government mapping in the area dates to the 1970s before detailed geophysical data were available.