SYDNEY, AUSTRALIA: Kogi Iron Limited (ASX: KFE), to be renamed Macro Metals Ltd, has entered right into a binding option time period sheet to acquire 100% of the Salar Verde Lithium brine-clay project in Chile.
Non-Executive Chairman, Peter Huljich commented: “The Salar Verde Lithium Project represents an thrilling alternative for the corporate in phrases of diversification of commodity publicity into an integral a half of the electrical storage market.
Chile has an extensive mining historical past and is globally famend as a chief in lithium brine extraction and processing. The vendor consortium of the Salar Verde Project have an extensive track record of profitable project development in Chile and overseas and we glance ahead to leveraging their skillset and operational experience.
With a predicted 1,500,000 tonne Lithium Carbonate Equivalent scarcity within the Lithium market by 2030 the chance to gain publicity to a project with the potential to be a big excessive grade brine and clay lithium project which has the potential to completely transform the Company and allow it to be a key contributor to the worldwide decarbonisation revolution which is currently underway.
The Salar Verde Project has drill confirmed brine and clay mineralisation, noting that lower than 5% of the Salar Verde Project has been explored to date. Our aim through the due diligence phase will be to work with the distributors towards defining a appropriate geophysical survey program to be implemented upon completion to evaluate the depth of the basin and conductive horizons representing potential brine targets. Drill tendering will even be conducted in order that exploration can quickly advance throughout the Salar Verde Project.
The capital elevating exercise that the corporate has recently accomplished was strongly supported by each existing shareholders and sophisticated investors, which provides us with adequate funding to conduct the geophysical program and preliminary drilling throughout the Salar Verde Project.”