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27/02/2024
Mining News

Moab Minerals Add African Lithium to International Portfolio

Moab Minerals expands its battery metal horizons, having acquired an Initial Equity Interest of approximately 15% in three highly prospective lithium projects in Ghana.

Ghanian Lithium

Supported by

Moab’s exposure to this highly prospective lithium prospect comes from the Company acquiring a 14.64% interest in CAA Mining Limited (CAA Mining), an exploration and development company focused on lithium and gold in Ghana, Africa, allowing Moab to expand its business as a junior exploration company by bolstering its portfolio.

The three lithium projects cover a cumulative 730 square kilometres of lithium pegmatite prospective land, with all projects located along strike of and sharing similar geology to Atlantic Lithium’s 35.3 Mt @ 1.25% Li2O Ewoyaa discovery.

All three projects already host pegmatite targets identified by CAA, made up of mapped pegmatites thorium rich micro-granites and rubidium anomalies, with information verifying these targets having been supplied to Moab, demonstrating the exploration potential and showing it to be a worthy investment.

CAA is currently undertaking an extensive exploration program across the holdings to investigate a number of potential spodumene pegmatites, with a 20 thousand metre auger drilling campaign underway over an initial 10 – 15km2 target area to obtain bedrock geochemical assays for lithium.

The Company plans to follow up on any anomalies uncovered in this campaign with reverse circulation drilling.

International Expansion

Moab’s opportunity re investing in CAA, and it’s Ghanian projects, originates with CAA moving to raise US$4 million dollars in order to advance exploration of the properties, set a Mineral Resource followed by a scoping study and then seek listing on a recognised securities exchange.

Africa is now the third county Moab has an exploration stake in, with the Company already holding ground in Australia and the United States and represents a significant boost to its portfolio by allowing it to get in on lithium’s evergrowing popularity.

The Company expressed that the investment was a strategic and advantageous decision, highlighting that the new projects it is involved in will synergistically complement its existing portfolio.

“Following significant due diligence, we are very pleased to announce the investment in such high-potential lithium projects in Ghana. The Board believes the investment is an excellent strategic fit for Moab and will add short & long-term value to Moab shareholders,” Managing Director Malcolm Day said.

 

Source: the market bull

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