Consolidated Zinc is poised to acquire Westoz Lithium, which holds large exploration projects considered prospective for lithium, rare earth elements and base metals, all located in Western Australia’s Pilbara.
With a formal binding share purchase agreement in place, the company said the move provided an exciting opportunity to diversify further into the battery minerals sector.
The projects are situated near two of the world’s largest hard rock lithium deposits at Pilgangoora and Wodgina, as well as the Marble Bar Lithium Project.
On completion of the Acquisition Agreement, and subject to the company receiving shareholder approval at its upcoming annual general meeting on May 31, the vendors will be issued a total of 24 million shares, with an issue price of 2.5 cents per share and aggregate value of $600,000.
Consolidated Zinc has a 100 per cent interest in the Plomosas mine, one of the world’s highest grade, low cost zinc mines, in Chihuahua, Mexico.