Horizon Minerals (HRZ) has signed an agreement to acquire a 100% interest in two greenfield lithium prospects in Western Australia from private company Charter Minerals.
The two Bridgetown-Greenbushes lithium tenements are located north and south-west of Bridgetown and less than 20km from the Greenbushes Lithium Mine.
Under the binding share sale agreement (SSA), Horizon Minerals will acquire the tenements by making a cash payment of $75,000 (A$117,909) and issuance of four million ordinary HRZ shares to Charter shareholders.
The two tenements are located on exploration licences E70/5980 and E70/5981.
In a press statement, Horizon Minerals said the two licences are “located within favourable geology and structure, particularly the regional ~20km-wide Bridgetown-Donnybrook shear zone which hosts the giant Greenbushes Sn-Ta-Li deposit and continues south for another 20km where it passes adjacent to E70/5981.”
Furthermore, the company has submitted application for five exploration licences in proximity to the Greenbushes Lithium Mine and near Bridgetown. These are additions to the Charter tenements.
Horizon Minerals said the Bridgetown-Greenbushes assets offer low-cost opportunity to its multi-commodity portfolio and require minimal change from its current strategic focus.
Horizon Minerals CEO Grant Haywood said: “We continually assess opportunities to add value accretive projects to the business and moved quickly to secure this low-cost opportunity when it presented. These projects build upside and diversification to our portfolio of gold and silver-zinc projects with minimal distraction from our current focus.
“We will progress these projects in parallel with our commitment to transitioning to a gold producer in early 2024, commencing from our Cannon underground gold project.”
