Bradda Head Lithium Limited (AIM:BHL, OTCQB:BHLIF, TSX-V:BHLI) has signed off a settlement with Arizona Lithium over unpatented lode claims at the Wikieup clay project in Western Arizona.
Some 66 new claims equating to 1,302 acres (5.27 km2) that were staked in early 2019, and held in its subsidiary Zenolith (USA) will be retained by Bradda Head.
In turn, Bradda has transferred 55 unpatented lode claims to Arizona Lithium's subsidiary, Big Sandy, amounting to roughly 1,136 acres (4.60 km2).
Bradda added the settlement is now legally binding with the exchange of claims completed and all legal documents filed.
In a statement, Bradda said, “This final exchange furthers Bradda's exposure to high-quality lithium-in-clay targets (proximal at < 1.0km to Arizona Lithium's Big Sandy clay discovery) and further enhances the Company's portfolio of this high-quality project”.
Ian Stalker, Bradda’s executive chair, added: "We thank Arizona Lithium and the countless hours of time undertaken to settle this matter without litigation and allow both companies to proceed with unobstructed exploration on their respective claim groups.
"This is new ground that has significant upside potential within the large, lithium-bearing clay-rich lacustrine basin and Bradda plans to capitalise on the finalisation of this settlement with renewed surface exploration."