MOAB Minerals

Moab Acquires Initial ~15% Equity Interest In Highly Prospective Ghanian Lithium Projects

Moab Minerals Limited (ASX: MOM) (Moab or the Company) is pleased to announce that the Company has acquired an initial 14.64% interest in CAA Mining Limited (CAA Mining), an exploration and development company focused on lithium and gold exploration in Ghana, Africa.


Highlights:

  • Moab has invested in 3 Ghanian lithium projects covered by 6 prospecting license applications for a total of 730km2.
  • Exploration potential identified from preliminary geological and geophysical studies and known pegmatite occurrences.
  • Projects located adjacent to coastal highway both 100km away between major cities of Accra and Takoradi with a major port at Takoradi.
  • A program of 20,000m of auger drilling has commenced.
  • CPS Capital acted as Corporate Advisor to the transaction.
The investment has enabled the Company to acquire an interest in 3 projects that are complementary to its existing assets and expand its business as a junior exploration company and providing shareholders with investment exposure to lithium. The Board considers that the investment is an appropriate strategic investment given CAA Mining’s interest in lithium projects in Ghana.

Moab Managing Director, Malcom Day commented “Following significant due diligence, we are very pleased to announce the investment in such high-potential lithium projects in Ghana. The Board believes the investment is an excellent strategic fit for Moab and will add short and long term value for Moab shareholders”.

Transaction Summary

Moab has acquired 2,727,273 fully paid ordinary shares in CAA Mining in exchange for an investment of £750,000 (approximately A$1,492,500).

The Company undertook legal, technical, and financial due diligence on CAA Mining and its assets prior to committing to the investment which included the appointment of in-country legal advisors, meetings with the directors and key management of CAA Mining, and review of agreements in place pertaining to CAA Mining’s assets.

About CAA Mining

CAA Mining is an unlisted UK-incorporated exploration and development company focused on lithium and gold in Ghana, Africa.

CAA Mining is party to an earn-in agreement to acquire up to 85% of Lithium Resources Ghana Ltd (Lithium Ghana) by spending US$8m to acquire any or all of the 6 prospecting licenses applied for by Lithium Ghana. The 6 prospecting licenses (applications pending approval) are located in Ghana and cover more than 730km2. The licenses are prospective for lithium and are along strike to the Atlantic Lithium Ewoyaa discovery (35.3 Mt @ 1.25% Li2O) with similar prospective geology.

CAA Mining has spent approximately US$500,000 to date in establishment and exploration costs associated with the 6 prospecting licenses.

CAA Mining can earn up to 70% in Lithium Ghana by spending up to US$4m on exploration. CAA Mining is seeking to raise a minimum of US$4m (of which the Company’s investment is a part of) in order to advance exploration, define a Maiden Mineral Resource in Ghana, complete a scoping study on the known and other lithium bearing pegmatites on the prospecting licences and seek a listing on a recognised securities exchange. CAA Mining has appointed a full exploration team with backup support to undertake this work.

CAA Mining can earn up to 85% in Lithium Ghana for an additional US$3,500,000 spend, which is to be assessed following the initial exploration works.

Prospecting Licenses, Prospects, and Geological Context

Pegmatite bodies in southern Ghana are associated with the emplacement of the 553Ma Cape Range Granite into >2136Ma Birimian metasediments. The pegmatites occur around the margins of the granite batholiths and internally within the folded greenstone belts.

ASX listed company Atlantic Lithium Limited (ASX: A11) has announced a lithium resource at Ewoyaa of 35.3Mt @ 1.25% Li2O (refer ASX Release: 1 February 2023). The mineralisation occurs in spodumene pegmatite. Spodumene pegmatite has also been identified at Egyasimanku (refer Figure 1).


Click here for the full ASX Release

This article includes content from MOAB Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.




The Conversation (0)
Industrial Minerals Limited

IND Establishes HPQ Exploration Target at Pippingarra Project

Industrial Minerals Ltd (ASX: IND or the Company) is pleased to announce a Maiden Exploration Target for High Purity Quartz (HPQ) at its Pippingarra Quarry Project (Pippingarra) located 30km south-east of Port Hedland, in the Pilbara region of Western Australia (Figure 1).

Keep reading...Show less
Firebird Metals

China-Based Battery Grade High-Purity Manganese Production Strategy

Investor Site Visit Presentation - April 2024

Firebird Metals Limited (ASX:FRB) is pleased to present its investor presentation.
Keep reading...Show less
  Summit Minerals Limited

Summit to Acquire Transformational Brazilian Niobium, Rare Earth & Lithium Portfolio

Summit Minerals Limited (ASX: SUM) (“Summit” or the “Company”) is excited to announce that it has signed binding agreements (“Agreements”) to acquire tenement packages highly prospective for rare earth elements (REE), niobium, and lithium. Term sheets were signed with vendors RTB Geologia & Mineracao Ltda (RTB), Sandro Arruda Silva Ltda. (SAS), and Mineracao Paranal Ltda (MPL) to acquire legal ownership and title over certain Exploration Permits and Applications for Exploration covering an area of 29,267 hectares in Minas Gerais and Paraiba States, Brazil (Figure 1; Table 2).

Keep reading...Show less
West Cobar Metals Limited

Positive Findings from Newmont Ti Benchmarking Study

West Cobar Metals Limited (ASX:WC1) (“West Cobar”, “the Company”) is pleased to provide an update on activities at its Salazar critical minerals project in Western Australia.

Keep reading...Show less
Augustus Minerals

High Grade Copper Rock Chips to 18% on New Targets at Ti-Tree

Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise the results of recent reconnaissance mapping and sampling at the Ti-Tree Project, located 200kms east of Carnarvon in Western Australia. The mapping, supported by 26 rock chip samples, identified two areas containing mineralised veins and historic workings (Figure 1). Neither of these prospects are recorded on GSWA maps.

Keep reading...Show less
The Ngwenya mine in Swaziland.

From the Bronze Age to the Green Revolution: Mining's Timeless Role in Shaping Humanity's Future

Mining is one of the oldest industries on Earth. With activity stretching back as many as 40,000 years, human advancement is closely correlated to our relationship with metals and minerals.

Indeed, modern society has been made possible through the extraction of metals and the ages this work has ushered in, from the historic Bronze Age to the more recent Industrial Revolution.

Now, 54 years after the inaugural Earth Day, the world is preparing for the green energy transition. And as this essential shift moves forward, metals are again playing an integral role in achieving the ambitious goals set globally.

Keep reading...Show less

Latest Press Releases

Related News

×