GreenTech sells non-core assets to focus on | Australian Markets

GreenTech Metals has entered into binding agreements for 2 of its non-core exploration licences and a single prospecting licence, which is able to permit the company to focus on its close by Whundo copper project. The adjoining tenements embrace one prospecting licence that’s but to be granted and enclose a whole of 930 hectares.

The deal permits the client and three way partnership accomplice, ASX-listed explorer Errawarra Resources, to consolidate potential ground round its 363ha Elizabeth Hill silver mine lease.

GreenTech will promote 70 per cent of its curiosity in its tenement trio to Errawarra, with GreenTech retaining a 30 per cent free carried curiosity up to a resolution to mine.

GreenTech can even obtain a $100,000 money up-front fee and a additional $2 million efficiency fee upon resolution to mine, whereas Errawarra will fund a minimal expenditure and meet all of the statutory tenement obligations and expend a minimal of $1 million over 4 years.

Errawarra Resources yesterday introduced it had entered separate binding agreements to purchase 70 per cent of Alien Metals’ historic Elizabeth Hill silver project, 70 per cent of Alien’s silver rights to the Pinderi Hills project tenements and a 70 per cent curiosity in GreenTech’s three licences that encompass the Elizabeth Hills mine.

Errawarra’s Elizabeth Hill project acquisition is subject to situations and different related approvals, together with Errawarra efficiently coming into each its three way partnership agreements.

Errawarra will handle the three way partnership operations and plans to kick off exploration within weeks.

The Elizabeth Hill silver mine is strategically situated about 6 kilometres southwest of GreenTech’s Whundo copper project and 14km south of Karratha.

The project produced 1.2 million ounces of silver from 16,830 tonnes of ore and is understood for its high-grade silver mineralisation. Production ceased in 2000 due to low silver costs, however the operation nonetheless has untapped potential. It has had solely restricted exploration drill testing.

Errawarra stated the acquisition was “transformational” and ensures the company would be the first explorer to consolidate the Elizabeth Hill mine with a 180 sq. kilometre surrounding land bundle that embraces extra potential and underexplored areas.

The transfer additionally permits GreenTech to focus on its close by Whundo copper project and finalise plans to unlock the worth of its lithium pursuits, respectively 15km and 40km south of Karratha.

Details of its plans for the lithium tasks are nonetheless being formulated.

GreenTech’s lithium pursuits comprise its 100 per cent owned Kobe lithium prospect exploration licence and its contiguous GreenTech-Artemis Resources Osborne three way partnership exploration licence.

Both licences occupy a 50km by 9km Pilbara pegmatite hall and are centred in a development 17km west of the world-class Andover lithium project owned by Chilean giant Sociedad Química y Minera de Chile SA, Hancock Prospecting and the Creasy Group.

GreenTech introduced two weeks in the past that it has logged large volcanogenic sulphides from two diamond holes for 1187 metres at its Shelby and Austin targets at Whundo to examine deep downhole electromagnetic conductor plates.

Both holes intersected large to semi-massive sulphide intercepts comprising chalcopyrite, sphalerite, pyrrhotite and pyrite and are being ready for downhole electromagnetic surveys. Assays are pending.

GreenTech has recommenced its drilling program at Whundo as it’s eager to additional discover the down-dip potential indicated from visible estimates and to additional check its conceptual model.

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