Horizon Minerals (HRZ) has signed an agreement to acquire a 100% interest in two greenfield lithium prospects in Western Australia from private company Charter Minerals.
The two Bridgetown-Greenbushes lithium tenements are located north and south-west of Bridgetown and less than 20km from the Greenbushes Lithium Mine.
Under the binding share sale agreement (SSA), Horizon Minerals will acquire the tenements by making a cash payment of $75,000 (A$117,909) and issuance of four million ordinary HRZ shares to Charter shareholders.
The two tenements are located on exploration licences E70/5980 and E70/5981.
In a press statement, Horizon Minerals said the two licences are “located within favourable geology and structure, particularly the regional ~20km-wide Bridgetown-Donnybrook shear zone which hosts the giant Greenbushes Sn-Ta-Li deposit and continues south for another 20km where it passes adjacent to E70/5981.”
Furthermore, the company has submitted application for five exploration licences in proximity to the Greenbushes Lithium Mine and near Bridgetown. These are additions to the Charter tenements.
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Horizon Minerals said the Bridgetown-Greenbushes assets offer low-cost opportunity to its multi-commodity portfolio and require minimal change from its current strategic focus.
Horizon Minerals CEO Grant Haywood said: “We continually assess opportunities to add value accretive projects to the business and moved quickly to secure this low-cost opportunity when it presented. These projects build upside and diversification to our portfolio of gold and silver-zinc projects with minimal distraction from our current focus.
“We will progress these projects in parallel with our commitment to transitioning to a gold producer in early 2024, commencing from our Cannon underground gold project.”