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- Calidus Resources (CAI) joins forces with Haoma Mining NL to create a new Pilbara lithium exploration company
- The new venture, Pirra Lithium, is equally owned by the two companies, with Calidus set to contribute the first $1 million of funding for exploration
- Calidus will also issue $1 million in scrip to Haoma as compensation for previous exploration
- Pirra will be assigned tenements and lithium rights across the most prospective lithium ground in both Calidus and Haoma’s portfolios, spanning 1063 square kilometres
- Calidus Resources last traded at 72 cents on January 17
Calidus Resources (CAI) has joined forces with Haoma Mining NL to create a new Pilbara lithium exploration company.
The new venture, Pirra Lithium, will be equally owned by the two companies, with Calidus set to contribute the first $1 million of funding for exploration.
Calidus will also issue $1 million in scrip at an issue price equal to the 5- day VWAP to Haoma as compensation for the previous exploration.
Pirra will be assigned tenements and lithium rights across the most prospective lithium ground in both Calidus and Haoma’s portfolios, spanning 1063 square kilometres.
Calidus noted that substantial pegmatites have already been mapped on Pirra’s tenements, several of which are associated with known tin-tantalum fields.
Dave Reeves, Managing Director of Calidus said forming the joint venture gives the company a low-cost opportunity to gain exposure to an area that has been targeted for its lithium potential.
“There is clearly potential to unlock substantial value by exploring what is highly prospective lithium ground in one of the world’s best lithium provinces,” said Dave Reeves.
“We can capitalise on this opportunity without it having any impact on our core asset at Warrawoona, where we are on track to pour first gold in the coming quarter.”
Field mapping on Pirra’s highest priority target areas will be carried out immediately to determine the distribution, size, orientation, and mineralogy of the pegmatites. These will then be sent to Perth for analysis.
Calidus Resources last traded at 72 cents on January 17.
