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Argonaut Resources NL (ASX:ARE) is increasing its exposure to the lithium sector by acquisition.

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Argonaut Resources NL raising cash for lithium in Canada

Wednesday, March 16, 2016 by Proactive Investors

Argonaut Resources NL is heading to market with a capital raising

Argonaut Resources NL is heading to market with a capital raising

Argonaut Resources NL (ASX:ARE) is heading to market with a capital raising, which comes hot on the heals after dialling into a highly prospective lithium project in Canada.

Argonaut has secured an exclusive option to acquire 100% of the Crescent Lake Lithium Project.

The area is highly prospective, with several internationally significant hard rock lithium deposits occurring in the region.

The project consists of two adjacent lithium deposits 250 kilometres NNW of Thunder Bay in Ontario.

Crescent Lake contains hard rock, ‘complex-type/spodumene sub-type’ pegmatite deposits.

The halt will remain in place until the opening of trade on Friday 18th March 2016, or earlier if an announcement is made to the market.


Strong news flow from Crescent Lake Project

– Completion of due diligence and exercise of option;
– Near-term commencement of confirmatory drilling;
– Initial Crescent Lake drilling results;
– Realisation of exploration upside;
– Completion of tenement purchase;
– Commencement of metallurgical scoping study;
– Commencement of resource drilling; and
– Scoping Feasibility Study.

 

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