Accelerate Resources (ASX: AX8) has entered into binding agreements to acquire the Karratha Lithium Projects, which include the Prinsep Lithium Project (100%), Mt Sholl Project (100%), Mt Sholl East Project (75%) and Roeburne South Project (75%). The Karratha Lithium Projects are situated within the emerging 40km long hard-rock lithium belt between Karratha and Roeburne, West Pilbara, which hosts the Andover (ASX: AZS) discovery and a number of other ASX-listed companies actively exploring the belt.
The Company has received firm commitments from a range of professional and sophisticated investors to raise A$3.6m by way of placement. Proceeds from the placement together with existing cash will be applied primarily to exploration activities within the Karratha Lithium Projects, as well as progressing the East Pilbara Lithium Project and Woodie Woodie North Manganese Project.
Highlights
- Transformational acquisition of high-grade Lithium Projects near Karratha in the west Pilbara strengthens Accelerate Resources’ (AX8) battery metal strategy.
- Positions AX8 within emerging Roebourne-Karratha lithium belt which includes Azure Minerals Ltd’s exciting Andover lithium discovery.
- Due Diligence investigations by AX8 has confirmed the significant potential of the Prinsep Project, including:
- Discovery of two large parallel outcropping spodumene-rich pegmatite systems.
- High-grade lithium rock chip assays up to 1.87% lithium oxide (Li2O).
- Series of “Walk-up” drill targets.
- Key projects within 20km of Karratha mining centre with world class infrastructure and logistics.
- Oversubscribed A$3.6 million capital raising demonstrates strong market support by existing and new shareholders, including participation from vendor group which includes Mark Thompson, Founder and M.D of successful battery minerals group, Talga Group Ltd (ASX:TLG).
- Directors and management participation in placement.
- Exploration campaign now underway.
