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Black Mountain Resources a leading ASX gainer on DRC lithium farm-ins

The company has entered two options to earn into prospects in Manono lithium province.

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Shares were up four-fold to a new 12-month high of 6.3 cents

Black Mountain Resources Ltd (ASX:BMZ) is a leading ASX gainer on news of entering agreements to farm into lithium prospects in the Democratic Republic of Congo and the raising of $500,000 by way of convertible note.

Shares were up four-fold intra-day to a new 12-month high of 6.3 cents on volume of more than 39 million.

READ: Black Mountain Resources to reveal new financing structure

The company has secured an exclusive 90-day due diligence option to earn via farm-in a 60% legal and beneficial interest in three mining permits from Crown Mining Sarl.

It has also secured an exclusive 45-day due diligence option to earn via farm-in a 75% beneficial interest in two exploration licences from Cooperative Miniere de Development de Dikuluwe.

The permits and licences are in the southeast of the Manono lithium province in DRC.

In same setting as AVZ Minerals project

They lie within the same geological and structural setting as AVZ Minerals Limited’s (ASX:AVZ) Manono project.

This is potentially one of the world’s largest lithium-rich LCT (lithium-caesium-tantalum) pegmatite deposits.

Black Mountain has raised $500,000 by way of convertible note with funds to be used for working capital.

Exploration plans for Bukusu

The company is also preparing an exploration program for the Bukusu Carbonatite complex in Uganda.

This hosts the Busumbu Phosphate Mine, the mapped and sampled Ngala hills copper prospect as well as identified anomalies for rare earths metals.

Quick facts: Hipo Resources Ltd

Price: 0.017 AUD

ASX:HIP
Market: ASX
Market Cap: $6.57 m
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