- Trek Metals (TKM) acquires a base metals tenement from Pilbara Minerals’ (PLS) subsidiary, Pilgangoora Operations (POPL)
- The tenement covers 25.3 square kilometres and sits immediately adjacent to Trek’s Pincunah project in WA and is also near its Valley of the Gossans prospect — both of which have shown potential for gold and base metals
- Trek CEO Derek Marshall says finalising the 100 per cent acquisition provides the company with an “exciting, low-risk exploration opportunity” in a world-class province
- Trek paid POPL $300,000 worth of TKM shares and POPL will retain all lithium and tantalum rights and receive a 2.5 per cent net smelter royalty on all other minerals from the tenement
- TKM shares ended Monday’s session trading at 8.8 cents each
Trek Metals (TKM) has completed the acquisition of E45/4640, a new base metals tenement in Western Australia.
The company acquired a 100 per cent interest in the tenement from Pilgangoora Operations, a subsidiary of ASX-listed lithium producer Pilbara Minerals’ (PLS).
Trek paid Pilgangoora Operations $300,000 worth of TKM shares for the tenement. Pilgangoora will retain all lithium and tantalum rights and receive a 2.5 per cent net smelter royalty on all other minerals produced from the tenement.
The tenement covers 25.3 square kilometres and sits immediately adjacent to Trek Metals’ existing Pincunah project, which includes newly-identified airborne electromagnetic conductors and surface zinc-copper anomalism.
E45/4640 is also in proximity to Trek’s emerging Valley of the Gossans prospect and is considered “highly prospective” for new gold and base metal discoveries.
Trek’s CEO Derek Marshall was pleased to have completed the agreement.
“We are pleased to have finalised this acquisition from Pilbara Minerals, which provides an exciting new low-risk exploration opportunity immediately adjacent to our highly prospective Pincunah tenement package in the world-class Pilbara Mineral Province,” he said.
The company will now proceed with planned exploration to unlock the potential of its new tenement.
TKM shares ended Monday’s session trading at 8.8 cents each.