Hipo Resources Ltd (ASX:HIP) has successfully completed technical and legal due diligence at its Kamola lithium project in the Democratic Republic of Congo (DRC) and will move forward with a 60% farm-in to the project.
A new joint venture company will be established with Hipo’s partner Crown Mining, an established tin and tantalum mining company in the DRC.
Crown acquired the mining and exploration licences for Kamola in 2008.
Positive lithium assays
A total of 17 rock chip samples were taken from around the prospect, with each sample averaging 3 kilograms and the best sample assaying up to 1.43% lithium.
The samples confirmed the presence of high-grade lithium mineralisation typical of lithium-cesium-tantalum pegmatites.
Hipo executive chairman Maurice Feilich said the company was delighted with the initial test results, which pave the way for the commencement of the joint venture farm-in.
He said: “Our focus now is to work with Crown’s experienced in-country team to fast-track exploration and get drills turning.
“The pegmatites we are targeting sit within a proven lithium province with a number of large discoveries.
“In addition to the lithium farm-in, we are continuing to progress due diligence on various cobalt projects and vertically integrated lithium technologies.”
The Kamola licences are in the prolific and world-class Manono and Kitolo lithium pegmatite belt.
Other companies with assets in the area are Force Commodites Ltd (ASX:4CE) and Tantalex Resources Corp (CNSX:TTX).