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Rapid Lithium Ltd (ASX:RLL) is gearing up to acquire a gallium-germanium project in British Columbia where previous exploration has yielded grades such as 22.69% zinc (Zn), 40 g/t gallium (Ga), 1,500ppm germanium (Ge), and 0.36% lead (Pb).
The company entered a binding agreement to take on the Prophet River project from Broadstone Resources Corporation, with a consideration which includes CAD$130,000, the issuing of 133,333,334 Rapid shares, and 40M options with an exercise price of 1.5 cps and an expiry of three years from issue date.
The cash offering is to be within 15 days of the proposed transaction’s completion.
Prophet River comprises 21 square kilometres of territory, including the historic Cay mine.
Previous exploration at the play – cited above – included 21 drilled holes with bulk sampling taken from two zones.
These bulk samples included some of the highest germanium values globally recorded, highlighting the significance of this asset, and with China banning the export of this and gallium – also a key critical mineral – the importance of securing such resources for use in the technology sector, semi-conductors, fibre-optics, solar cells, magnets, batteries, and
LEDs have been underlined.
Managing director Martin Holland said Prophet River was a desirable asset to have in Rapid’s portfolio.
“The Rapid Lithium Board sees this acquisition as very timely given China’s recent announcement that it is banning exports of gallium, germanium, and antimony to the U.S.,” he said.
“China’s dominant position in the global supply of these minerals, accounting for 98.8% of
refined gallium and 59.2% of refined germanium production, means that sources outside
China will be in high demand.
“The location of the assets is also complementary to Rapid’s U.S. lithium assets as the
the company seeks to become a key supplier of critical minerals in the future.”
Rapid shares have risen following the news, and at 11:51 AEDT, they were trading at 0.6 cents – a rise of 20% since the market opened.
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