Mining, Oil & Gas News & Blog

Asgard Metals has sold the final four of a package of lithium tenements to Kingston Resources - part of a broader deal with Slipstream Resources to sell the 20 tenements to Kingston.

It comes after in February, it reported the sale of a package of lithium-containing tenements in Pilbara to Dakota Minerals.

The cash and shares sale was again arranged and carried out by Asgard, which specialises in metals for new technologies.

Today's completed deal comes after a A$6.85 million capital raising by Kingston and an initial cash payment to Asgard has been received of A$20,000 and 6.6mln Kingston shares currently valued at A$132,000.

Ariana now owns around 1% of Kingston Resources.

Asgard, and therefore Ariana, are also due to receive 3.6mln Kingston shares when an inferred resource of 5mln tons is defined at no less than 1% lithium oxide.

It will get a further 3.6mln shares upon a further inferred resource of a further 10 Mt.

Last month Arian had discovered a new vein system at the northern end of its Kiziltepe gold project, and that rock chip sampling had returned grades as high as 5.27 grams per tonne gold plus 21.5 grams silver, and 4.87 grams gold plus 8 grams of silver.

Rock chip sampling is an early stage in the overall exploration process and there’s not too much that can be gleaned from these early results, other than the broad key conclusion: there is definitely something interesting on this section of ground.

And it’s that type of news, allied with Ariana’s concurrent statement that it’s lining up drilling rigs to go to work in July and August, that keeps investors interested.

Posted in: Mining

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