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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.

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: 0.063 AUD

Market: ASX
Market Cap: $156.12 m

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