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Force Commodities elects to proceed with lithium acquisition

Shareholder approval will now be required at the upcoming October 10 meeting.

Pegmatite hosting spodumene mineralisation at the Kitotolo Lithium Project
Pegmatite hosting spodumene mineralisation at the Kitotolo Lithium Project

Force Commodities (ASX:4CE) has successfully completed the technical due diligence review of the Kitotolo Lithium Project and Kiambi Lithium Project located in the Democratic Republic of Congo.

After a 4-week on-site due diligence review, the board has elected to now proceed with the acquisition of the two projects, subject to required approvals and documentation.

The review has identified significant occurrences of visible spodumene and other lithium-bearing minerals in pegmatite exposures across widespread areas within the Kitotolo Lithium Project.

The Kitotolo Lithium Project is determined to be in the same geological setting as AVZ Minerals Limited’s (ASX:AVZ) ‘world-class’ Manono Project.

Furthermore, at the Kiambi Lithium Project numerous artisanal pits on the southern license boundary identified as containing abundant pegmatite rock types and mineralisation.

Next steps

Upon completion of the acquisition, Force is proposing to focus its exploration activities primarily on the Kitotolo Lithium Project in the immediate term.

The independent technical consultants believe this project has the greatest potential for the delineation of a significant economic lithium deposit.

The acquisition remains subject to receipt of shareholder approval on 10 October 2017 and to the execution of formal joint venture documentation with the DRC licence holders, the licence transfers and all necessary in-country approvals.

Updates are expected later this month regarding finalising the joint venture documentation and the results of the geochemistry and channel samples that have been submitted to labs.

Quick facts: Force Commodities Ltd

Price: 0.012 AUD

ASX:4CE
Market: ASX
Market Cap: $6.69 m
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