AUSTRALIAN-BASED and listed exploration company Tawana Resources, which also has a South African listing, has acquired a second lithium project.
The group announced on Friday that it had entered into an agreement to acquire mining rights to the giant Uis pegmatite tailings stockpile in Namibia through the acquisition of Lithium Africa No 1.
"The Uis project represents a unique and exciting opportunity to assess one of the world’s largest stockpiles of crushed pegmatites containing lithium minerals," said Tawana CEO Mark Calderwood.
The stockpile was estimated to be about 20-million tonnes and limited sampling indicated potentially attractive lithium grades, according to the company.
Initial drilling of the tailings stockpile is expected to commence in October.
"The low-cost first drilling programme and metallurgy test work should give an excellent understanding of the potential of the project to produce a lithium concentrate in a short period of time," Calderwood said.
The total consideration for Lithium Africa is 15-million Tawana shares — 10-million of which will be deferred — plus $100,000 in cash.