- Aldoro Resources (ARN) enters binding deal with Meridian 120 Mining to acquire two licences in the Mt Magnet region of Western Australia
- The company is paying privately owned Meridian $200,000 in cash and shares, and Meridian will also be granted a one per cent net smelter royalty
- The licences include the Wyemandoo Project which sits adjacent to Aldoro’s existing project
- The other licence is the Niobe Tantalum-Lithium Project which contains multiple lithium and tantalum areas of interest
- Company shares are down 3.49 per cent to trade at 41.5 cents at 1:57 pm AEST
Aldoro Resources (ARN) has entered a binding agreement with Meridian 120 Mining to acquire two licences in the Mt Magnet region of Western Australia.
Under the agreement, Aldoro will pay Meridian $50,000 in cash and $150,000 in shares. Meridian will also be granted a one per cent net smelter royalty over the tenements.
The first of the two licences is the Wyemandoo Project which covers a nine-square kilometre area and borders Aldoro’s recently granted tenement, E59/2431, on the Narndee-Windimurra Igneous Complex.
The project is considered a rare metal exploration project that also contains an extensive zone of high-grade hydrothermal tungsten veins.
Aldoro collected 18 rock chip samples from the project which produced an average of 1.06 per cent lithium dioxide, with the highest grade peaking at 2.12 per cent. Another 53 pegmatite samples were collected with grades peaking at 2.6 per cent lithium dioxide from a sample taken just inside the adjoining Narndee licence.
Chairman Joshua Letcher said he was pleased to have secured this project, which is adjacent to an existing licence.
“It is pleasing to secure the adjacent licence to Aldoro’s Windimurra lithium project at E59/2431, which is showing significant promise.”
The second licence is the Niobe Tantalum-Lithium Project which lies 70 kilometres northwest of Mount Magnet in the Murchison province.
While high-grade ore has been previously mined from a small open pit and high-grade drill intersections are present, these haven’t been followed up. Additionally, anomalous lithium values were found in the 1980s, but the lithium potential has not since been followed up.
Both projects show significant exploration potential for lithium, tantalum and tungsten, and ground work has already begun.
Company shares were down 3.49 per cent to trade at 41.5 cents at 1:57 pm AEST.