Australian company to acquire lithium project in Gwanda

Latitude Consolidated Ltd, a mining company listed on the Australian Stock Exchange, has entered into a binding agreement to acquire a 70% interest in the Mbeta Lithium Project in Zimbabwe.

Mbeta 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.

The mineralised pegmatites and historic workings 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.

High-grade historical lithium results

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

$.3.45 million placement

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

Latitude is also continuing to assess a number of additional project acquisition opportunities within Africa targeting the battery-metals sector.