- NickelX (NKL) agrees to acquire advanced nickel and lithium exploration projects in Central Europe
- The company will acquire a hard rock lithium project, Otov, in the Czech Republic proven to contain spodumene mineralisation
- The mine is already known to contain lithium spodumene crystals, the same material that made Pilbara Minerals (PLS) a household name
- Further, NKL agreed to acquire the Ransko nickel-copper-cobalt project also in the Czech Republic
- Nickel X shares were up 37.3 per cent to 9.2 cents at 2:09 pm AEST
NickelX (NKL) shares rocketed today after the company agreed to acquire a hard rock lithium project in the Czech Republic proven to contain spodumene mineralisation.
The site of the mine is nearby future planned EV battery gigafactories and the acquisition comes by way of an execution of an option to acquire 100 per cent in an agreement with existing partner Aurum Discovery, based in the EU.
The hard rock lithium project NickelX now owns is called Otov and has been previously examined by geotechnical fieldworkers who found spodumene crystals within existing underground mines up to 70 centimetres in size.
Spodumene is the material that made Pilbara Minerals (PLS) a household name, given it’s easier to refine downstream and become compatible for inclusion into EV batteries.
Spodumene mineralisation has been shown to increase with depth at Otov and the company notes little modern exploration work has been done since the 1960s.
Meanwhile, the company agreed to acquire the Ransko nickel-copper-cobalt project also in the Czech Republic.
“We are very excited to have secured the option to explore the large-scale mineralisation at Rankso and Otov,” NickelX Managing Director Matt Gauci said.
“The highly prospective Otov 1 pegmatite was historically only mined for [other minerals] and spodumene crystals up to 70cm were reported.
“It is an unprecedented time for energy transition in Europe with the passing of the EU Critical Raw Materials (CRM) Act and the adoption of the EU Green Deal.”
NickelX shares were up 37.3 per cent to 9.2 cents at 2:09 pm AEST.