Altura Mining Ltd and Pilbara Minerals Execute Cooperative Agreements for Pilgangoora Lithium Project
25.08.2016 | ABN Newswire
Perth, Australia (ABN Newswire) - Altura Mining Ltd. (ASX:AJM) (OTCMKTS:ALTAF) is pleased to advise that it has executed both a mutual Access Agreement and a Memorandum of Understanding (MoU) to cooperate at tenement boundaries with adjoining Pilgangoora lithium project developer Pilbara Minerals Ltd. (ASX:PLS) ("Pilbara").The agreements are based on evaluating mutually beneficial opportunities for the respective project developments and maximising the potential to recover lithium-rich pegmatites across tenement boundaries.
The Access Agreement provides for both Altura and Pilbara to mutually remove any objections to tenure applications made by either company, sharing of site access roads and pipeline locations and distribution of costs incurred proportionately. Both Altura and Pilbara have been extensively evaluating their respective mineral deposits at Pilgangoora, with this agreement now formalising the existing cooperative approach taken by both companies.
The non-binding MoU has been executed to cover the joint evaluation of the potential to expand or combine lithium-rich pegmatite zones that are now proven to cross the boundaries between Altura and Pilbara (see Figure 1 over - in link below).
Extensive drilling programs undertaken in both the Altura and Pilbara tenements appear to have identified a series of thick and strongly mineralised pegmatites which cross the tenement boundaries.
Altura has been conducting resource / reserve extension drilling in conjunction with a sterilisation drilling program for planned infrastructure locations, and the initial results from these programs are expected to be available later this month.
Altura is pleased to consolidate the valuable working relationship with Pilbara and demonstrates the willingness between the companies to evaluate strategic improvements that are beneficial to both companies as they progress their respective projects into production.
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About Altura Mining Ltd:
Altura Mining Ltd. (ASX:AJM) is building a leading position in the independent supply of lithium raw materials, with a world class lithium project at Pilgangoora ready to set the platform and be the first new hard rock lithium product supplier in 2017. The Altura team has a track record of delivering mining projects with Pilgangoora the most advanced stage, near term producing lithium project; solid offtake partners and a market providing substantial growth opportunities to ensure positive shareholder returns.
Source: Altura Mining Ltd.
Contact:
James Brown Managing Director
Altura Mining Ltd.
T: +61-427-988-898
www.alturamining.com
Paul Mantell, Executive Director
T: +61-418-727-460
