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Marindi Metals raising $3.15M to pursue lithium, zinc opportunities

Marindi Metals (ASX:MZN) will accelerate exploration activities at its Forrestania lithium project after an options exercise raised $3.15 million including proceeds from an underwriting agreement.
Marindi Metals raising $3.15M to pursue lithium, zinc opportunities
Marindi to pursue lithium, zinc opportunities.

The company will have available cash reserves of about $4.75 million after settlement on or about 13 January 2017.

Marindi’s first drilling program at Forrestania had returned one of the highest grade lithium intersections reported in recent times of 33 metres at 3.2% lithium, including 13 metres at 4% lithium.

The funds raised from the exercise of options will be used to follow up this encouraging intersection in January 2017.

This will be in conjunction with regional sampling over Marindi’s fully-owned 850 square kilometres of tenements in the Forrestania belt, located north of Ravensthorpe in Western Australia.

The Forrestania greenstone belt, which hosts the highly successful Bounty Gold Mine and Flying Fox Nickel deposits, was recognised historically for its strategic metals potential.

However, it has had virtually no exploration for these commodities since the 1970s.

Marindi has also decided to re-examine the economics of the Prairie deposit at its Newman base metal project in Western Australia, in light of the recent rally in the zinc price.

Due to production shortages over the past 12 months, the global zinc price has increased substantially from US$1550 per tonne in December 2015 to around US$2560 per tonne currently.

Marindi’s share price has increased by over 37% during the past one month, last trading at $0.022.

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