The Conversation (0)
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to announce that the Company’s wholly owned subsidiary, Critical Elements Pty Ltd has entered into a binding tenement purchase agreement (“Acquisition Agreement”) with Tamas Kapitany (“Seller”) for the acquisition of mining lease M09/101 (“Mining Lease”).
HIGHLIGHTS
- The acquisition of Mining Lease M09/101 enables the Company to conduct trial bulk sampling and provides a significant number of logistical benefits.
- The acquisition of M09/101 is important strategically as it directly adjoins the Company’s Morrissey Hill lithium project and provides further exploration opportunities.
- The low-cost acquisition provides further consolidation in the area, expanding the Company’s footprint.
Figure 1: Morrissey Hill lithium project showing the location of M09/101
In addition to expanding to the Company’s landholding at Morrissey Hill, the mining lease provides a number of significant logistical benefits, and importantly allows the Company to conduct trial bulk sampling. Mining Lease M09/101 directly adjoins the Company’s Morrissey Hill lithium project and is highly strategic to the Company (Figure 1).
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