Pilbara Minerals extends lithium patch
Pilbara Minerals has expanded its footprint in the Pilgangoora lithium district by signing an agreement with Dakota Minerals to acquire the Lynas Find lithium project.
Under the terms of the deal, PM will pay Dakota $5.75 million in a mix of cash and shares in stages for the project, which hosts a known resource of 7.3 million tonnes at 1.25 per cent lithium, 85 parts per million tantalum pentoxide and 0.99 per cent iron oxide.
PM already has a resource at Pilgangoora of 128.6 million tonnes, grading 1.22 per cent lithium oxide, 138 parts per million tantalum pentoxide and 0.63 per cent iron oxide.
PM said the acquisition increased tonnes readily accessible to future processing facilities, grew its lithium exploration footprint at Pilgangoora and provided further options as to where key infrastructure components for the project might be located.
“Together with the strategic co-operation agreement signed last month with Pilbara’s other neighbour, Altura Minerals, this means the company has now firmly consolidated its strategic position in this world-class lithium-tantalum district,” PM said.