Join our daily newsletter At The Bell to receive exclusive market insights
- Eastern Resources (EFE) moves closer to acquiring the Trigg Lithium Tantalum project in the Pilbara region of Western Australia as an exploration licence is granted
- The company has an option to acquire a 100 per cent interest in the project from Amery Holdings
- In order to be granted the option, Eastern Resources will be required to pay Amery the cash option fee of $10,000 and $20,000 worth of shares within seven days of the tenement being granted
- The company has completed its due diligence and is satisfied with the results, with field work expected to begin soon
- Shares are trading 5.36 per cent higher today at 5.9 cents each
Eastern Resources (EFE) has moved closer to acquiring the Trigg Lithium Tantalum project in the Pilbara region of Western Australia as an exploration licence is granted.
The E45/5728 licence was granted to Amery by the Department of Mines, Industry Regulation and Safety, WA.
The company has an option to acquire a 100 per cent interest in the project from Amery Holdings.
In order to be granted the option, Eastern Resources will be required to pay Amery the cash option fee of $10,000 and $20,000 worth of shares within seven days of the tenement being granted.
The company has completed its due diligence and is satisfied with the results, with field work expected to begin soon.
A two-week work program has been planned, with an exploration contractor secured.
The outstanding conditions relate to necessary regulatory and third party consents and approvals, including any ministerial consents should the company elect to exercise the option.
The Trigg Hill Project is located in East Pilbara, Western Australia with the existing port being Port Hedland which is about 225 km by road.
The mine was a tantalum and tin mine that operated between the 1960s and the early 1980s.
Pegmatite outcrops are found within the Trigg Hill–Curlew pegmatite swarms, which encompass approximately 5 sqkm and have surface spodumene and lepidolite.
Shares were trading 5.36 per cent higher today at 5.9 cents each at 10:50 am AEDT.
