SYDNEY, AUSTRALIA: Tempest Minerals Limited and its wholly owned subsidiary, West Resource Ventures Pty Ltd (WRV), the holder of a number of lithium tenements in Western Australia will proceed with a brand new preliminary public offering (IPO). WRV will be renamed Electra Minerals Ltd.
The new IPO will mix WRV’s Western Australian underexplored hard rock lithium exploration projects with the thrilling Smith Creek lithium brine Property in Nevada USA.
West Resource Ventures additionally proposes to purchase Lithium of Nevada Pty Ltd (LON) which has a binding settlement with TSX-V listed Iconic Minerals Ltd for the rights to purchase as much as 50% of the Smith Creek Project.
With an ongoing track record of a number of producing lithium operations, Nevada (USA) is a preferred Lithium funding vacation spot and is taken into account extremely potential for large lithium brine deposits.
The Smith Creek Project is found inside Smiths Creek Valley in Nevada with the present LON declare blocks covering an space of 65.4 km2 over a main gravity low. The enclosed Smith Creek Valley Basin covers 1,507 km2, which is barely bigger than the Clayton Valley Basin the place lithium brines are produced. Smith Creek Valley is over sixty four km lengthy in a north-northeast direction and averages 14.5 km in width.
The Smith Creek Project is hosted inside a volcanic ash unit considered to be a potentially good supply of Lithium. Previous drilling on the project didn’t test for lithium. However earlier drillholes did encounter brines at depth. Surface sampling round hot springs and brine evaporites close by assayed a most of 470 ppm Lithium.
WRV (as Electra Minerals) intends to undertake an IPO in which WRV will search investors to underpin a most of 10% of the Pre IPO capital value. West Resource Ventures will then undertake a capital elevating to raise roughly $10 million through the issue of WRV shares.
Tempest Minerals Chairman Brian Moller commented, “The demerging of the WA lithium assets is an thrilling development and can be able to present greater focus on these high-quality assets. The mixture with the Nevada project will present Tempest shareholders with even additional leveraged publicity to the worldwide lithium market.”
Tempest Minerals Ltd is an Australian based mineral exploration firm with a diversified portfolio of projects in Western Australia considered extremely potential for precious, base and energy metals.