AMN - ZIMBABWE: Latitude to acquire lithium project

Latitude Consolidated Ltd has entered into a binding agreement to acquire a 70% interest in the Mbeta Lithium Project in Zimbabwe. The project comprises 13 mineral claims with a combined area of 18 square kilometres and lies in gently-undulating, lightly cropped terrain with good access from Gwanda via tarmac and all-weather gravel roads.

Mineralised pegmatites and historic workings at Mbeta in the country’s south extend over 700 metres.

The district has seen minor historical lithium and tantalum mining and the project area is considered underexplored, yet highly prospective, for lithium and associated elements.

The historical assays of lepidolite-bearing ore samples include assays ranging from 2.60% lithium oxide to 6.20% lithium oxide, with an average of 4-4.5% lithium oxide.

It is likely that the results were from selected ore samples, but these early results could be an indication of the lithium potential in the area.

As part of the transaction, Latitude will complete a two-tranche share placement to raise $3.45 million from sophisticated investors with $491,000 upfront and $2.95 million subject to shareholder approval.

After completing the acquisition, Latitude will undertake data compilation and initial field exploration programs aimed at gaining a better geological understanding of target areas identified within the Mbeta project area.

Exploration will likely start with a rock-chip and soil sampling geochemical campaign in the historical mine areas, and along the host structural corridor, with analysis for lithium and associated elements. Detailed exploration, comprising closer spaced soil sampling, trenching and analysis will be undertaken in geochemically anomalous areas, ahead of the ranking of priority drill targets.

Mbeta is being acquired from Zimbabwean national Robert Hutchings and was introduced to Latitude by Klaus Eckhof and Mark Gasson, who will receive part of the share consideration.

Kim Eckhof will be appointed as a non-executive director following the receipt of shareholder approval for the acquisition. He will play a key role in reviewing Mbeta and assessing a number of other battery-metals projects and opportunities in southern and eastern Africa.

www.latitudeconsolidated.com.au