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Altura Mining Ltd

Altura Mining Ltd teams with Kairos Minerals for Wodgina East lithium

Altura Mining Ltd (ASX:AJM) has signed an agreement with Kairos Minerals Ltd (ASX:KAI) at Kairos’ Wodgina East Project, located 15 kilometres west of Altura’s Pilgangoora Lithium Project.

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Altura Mining Ltd teams with Kairos Minerals for Wodgina East lithium

Under the terms of the agreement, Altura has an exclusive right to explore for lithium over a five year period on Kairos’ Wodgina East tenements.

In return, Altura is to make an upfront cash payment of $100,000 to Kairos.

In addition, Altura may choose to acquire a 75% interest in the Wodgina East tenements by spending a total of $1.25 million over five years.

Altura can also choose to acquire the project any time during the five years by paying $1.25 million less the cost of any exploration or mining expenditure undertaken by Altura on the tenements.

If Altura takes up these rights, then Kairos will retain a 25% free carried interest in the tenements.

With the Pilgangoora Lithium Project progressing at a rapid pace, Altura had begun looking to expand its lithium portfolio, both around the mineral rich Pilgangoora area and further afield.

A definite feasibility study for Altura’s Pilgangoora Lithium Project In September has projected a pre-tax net present value of $411 million and a payback period of 1.8 years.

The Agreement with Kairos allows Altura to explore the prospectivity of the Wodgina East Project with a small initial capital investment and the cooperation of a similarly focused partner in the region.

Wodgina East is strategically situated adjacent to Mineral Resources Ltd’s (ASX:MIN) Wodgina Tantalum-Lithium Project.

It includes an extensive pegmatite field with well-documented lithium (spodumene) mineralisation and grades of up to 1.6% lithium reported from historical reconnaissance rock chip sampling.

Quick facts: Altura Mining Ltd

Price: $0.08

Market: ASX
Market Cap: $174.41 m
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