BEIJING (Asian Metal) 20 Mar 17 - Kidman Resources Limited (Kidman or the “Company”) announced that it has inked an earn-In agreement with Western Areas covering 19 tenements immediately adjacent to Kidman’s world-class Earl Grey lithium deposit near Southern Cross in WA
Earl Grey is already one of the biggest known hard-rock lithium deposits in the world with a JORC Resource of 128Mt at 1 . 44% Li2O . The tenements host an extension of Earl Grey and extend throughout the prospective Forrestania lithium belt.
Kidman has already commenced an extensive evaluation of the district using existing regional datasets and will immediately set-about evaluating the targets identified within this new Joint Venture package.
Under the agreements, Kidman will to earn-in on the following basis:
- Stage 1 – at the end of Stage 1, Western Areas has the right to co-contribute with further exploration expenditure on a 50:50 basis with Kidman;
. Under this farm-in agreement, Kidman will issue Western Areas 6 . 3m shares, escrowed for six months.