Auroch to Acquire US Lithium Project

Auroch to Acquire US Lithium Project

Auroch Minerals Limited (ASX:AOU) (Auroch or the Company) is pleased to announce it has entered into an agreement to acquire an 80% interest in the issued share capital of Nevada Lithium Pty Ltd (Nevada Australia), the 100% shareholder of Nevada Li Corp (Nevada US) which has the rights to the Nevada Lithium Project (NLP) in Nevada, USA (Proposed Acquisition).


Highlights
  • Strategic acquisition of an 80% interest in the Nevada Lithium Project in USA
  • Mining-friendly jurisdiction in the State of Nevada, close to other large lithium deposits including Ioneer Ltd's (ASX:INR) Rhyolite Ridge, American Lithium Corporation’s(TSX.V: LI) (US OTC: LIACF) (Frankfurt: 5LA1) TLC Lithium Project, and Albemarle Corporation’s (NYSE:ALB) Silver Peak Lithium Mine, currently the only producing lithium mine in North America
  • Project area located ~340 km southeast of the Tesla Gigafactory near Reno, with access to major Californian ports
  • Nevada Lithium Project consists of four prospect areas comprising ~65 km2 covering the same geology that is known to host other major lithium deposits in the region, including the TLC deposit
  • Review commenced to consider potential pathways to unlock value from Non-Nickel Assets, including the Nevada Lithium Project

The NLP consists of four prospect areas – Traction Prospect, San Antone Prospect, Heller Prospect and Lone Mountain Prospect – comprising ~65 km2 of ground that is considered highly prospective for large sedimentary-hosted lithium deposits.

The NLP is located close to the silver mining town of Tonopah in the mining-friendly counties of Nye and Esmeralda in the State of Nevada, home to some very large sedimentary-hosted lithium deposits including Ioneer Resources’ (ASX:INR) Rhyolite Ridge and American Lithium Corporation’s (TSX.V: LI) (US OTC: LIACF) (Frankfurt: 5LA1) TLC Lithium Project (see Figure 1). Albemarle Corporation’s (NYSE:ALB) Silver Peak Lithium Mine, currently the only producing lithium mine in North America, lies approximately 45 km to the west of the NLP.

The NLP has had very limited lithium focused exploration to-date, despite covering the same lacustrine sedimentary formation that hosts other large lithium deposits in the region, including the TLC deposit. The NLP is also strategically located ~340 km southeast of the Tesla Gigafactory near Reno, with access to major Californian ports.

Auroch Managing Director Aidan Platel commented:

“We are very excited by the potential of the NLP to host significant lithium mineralisation in a stable pro-mining jurisdiction in Nevada, USA. The project areas cover the same geological formations that host very large lithium deposits in the region, including the TLC Lithium Project nearby. The acquisition adds to and supplements the Company's increasing focus on battery metals and represents a tremendous opportunity to enhance value for Auroch shareholders. We look forward to completing the acquisition and initiating exploration as soon as possible!”

Click here for the full ASX Release

This article includes content from Auroch Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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