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Cauldron Energy Ltd

Cauldron Energy to acquire two lithium Pilbara projects

Snapshot

A comprehensive exploration program will commence upon transaction completion.

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Quick facts: Cauldron Energy Ltd

Price: $0.02

Market: ASX
Market Cap: $5.27 m
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Cauldron Energy Ltd (ASX:CXU) has entered into an agreement to acquire the Pippingarra Lithium Project and the Marble Bar Lithium Project in the Pilbara region of Western Australia.

The emerging Pilbara region is one of the world’s leading hard rock lithium provinces following the discovery and development of multiple mines.

Historical samples from the projects feature grades of up to 3.72% lithium confirming the exploration potential of the projects.

The company will pay $500,000 cash in two instalments, 40 million CXU shares, 40 million options, 60 million performance shares and a 1% net smelter royalty for the acquisitions.

Cauldron’s chairman Tony Sage said: “We are very excited about this project especially considering the surrounding lithium deposits which has made this region one of the hottest in the electronic battery space.”

Pippingarra project near Fortescue discovery

The Pippingarra project area is located in the Tabba Tabba region near Port Hedland and along a fault paralleling the main Tabba Tabba structure.

Notably, this structure hosts a potential new lithium discovery by Fortescue Metals Group Ltd (ASX:FMG).

Lithium sampled at Marble Bar project

The Marble Bar project area contains a lithium spodumene and lepidolite bearing pegmatite swarm, with a strike length of 3.5 kilometres within a 4 kilometre wide corridor.

Exploration in 2016 discovered these swarms and rock chip samples returned peak values of 3.72% lithium and 3.32% lithium with an average of 1.85% lithium across 22 samples.

READ: Cauldron Energy secures partner to fund up to $2 million at Yanrey North

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