- Bass Metals (BSM) agrees to proceed with its San Jorge Lithium Project acquisition and is set to commence exploration in the area shortly
- The project is situated in Argentina’s Catamarca province and consists of 15 granted exploration licences
- Initial exploration is set to take place over six months, which includes surveys and auger drilling
- Bass believes it is well-positioned to take advantage of what it describes as a “looming lithium supply deficit”
- Bass Metals shares closed today’s session up 20 per cent to trade at 0.6 cents
Bass Energy (BSM) has agreed to proceed with its San Jorge Lithium Project acquisition and is set to commence exploration in the area shortly.
The company said it has completed due diligence requirements for the project, which consists of 15 granted exploration licenses covering 36,600 hectares in the Catamarca province in Argentina.
Bass Metals is set to pay an all-share consideration initially, which will be split across 75,000,000 shares by July 22 and a further 75,000,000 shares once formal transaction documents have been executed.
Further milestone payments include 100,000,000 shares nine months after necessary permits have been granted.
Initial exploration activities are set to take place over six months and include a geophysical survey, shallow auger drilling and possible deeper target drilling to obtain further brine samples.
The company believes market conditions are on its side and is hoping to emerge as a leading supplier ahead of its predicted supply deficit and increased demand in lithium and graphite markets.
Bass Metals shares closed today’s session up 20 per cent to trade at 0.6 cents.