Trek Metals Limited (ASX: TKM) has secured an opportunity to further expand its Australian battery metals portfolio after executing an option agreement with Gempart (NT) Pty Ltd over the Princess Project in the Northern Territory.
Under the agreement, Trek has been granted an exclusive 90-day due diligence period, giving it the opportunity to undertake field exploration activities to evaluate the lithium potential of the pegmatites at the project.
The Princess Project area hosts two historic pegmatite-hosted mica mines, Pannikin and White Lady. These deposits were exploited for mica sometime in the late 1880s – 1960s, however there is no modern exploration information on the pegmatites.
The Project is located in the Harts Ranges district of the Northern Territory, approximately 100km north-east of Alice Springs
The Project area includes numerous pegmatite swarms identified by historical mapping and satellite imagery. Individual pegmatites appear to occur over strike lengths of up to 1.1km.
Trek Metals CEO Derek Marshall said the Agreement with Gempart provided a low-cost opportunity to assess the lithium potential of a large swarm of pegmatites in a Tier-1 location.
Terms of the Option agreement
1.) Thevendoris Gempart (NT) Pty Ltd;
2.) Trek has an exclusive right to conduct due diligence for a period of 90 days to its absolute satisfaction;
3.) Upon completion of Due Diligence to its satisfaction, Trek will be granted an option to acquire an 80% interest in ML 33371 and ELA 33388;
4.) The exercise of the option will be subject to satisfaction or waiver of:-
– Grant of the tenements (which in respect of ELA33388 includes Gempart being
successful in the competing applications);
– Trek incurring a minimum of $100,000 in Exploration and Evaluation expenditure,
including amounts incurred as part of the due diligence programme;
– The Parties obtaining all necessary regulatory approvals.
5.) If Trek exercise the option, Trek will be transferred an 80% interest in the Tenements with Gempart free carried for its 20% until completion of a Definitive Feasibility Study.
For further information please visit: https://www.trekmetals.com.au/
