13th May 2019 10:42
LONDON (Alliance News) - African Battery Metals PLC on Monday said it has acquired an 18% stake in Kalahari Key Mineral Explorations Pty Ltd, which owns the Molopo Farms Complex project in Botswana, for USD194,810.
Shares in the battery metals exploration company were 0.4% higher at 0.40 pence on Monday in London.
The project consists of three exploration licences, covering 2,725 square kilometres and believed to be prospective for nickel, platinum group metals and copper.
In addition, African Battery may by the end of 2019 elect to earn an additional 40% direct interest in the project by spending USD500,000 by the end of 2020 on ground exploration for the project, including high-priority target drilling.
Should the farm-in expenditure requirement be completed, African Battery will hold a 51% interest in the Molopo Farms project.
"I am delighted to secure this new Botswana opportunity for African Battery Metal shareholders. Botswana is an exceptional country with exciting exploration opportunities and a superb operating environment. This significant opportunity comes to us after the MFC project has already benefited from extensive historical exploration that has already identified 17 targets through airborne electomagnetic surveys," said Chair Andrew Bell.
Related Shares:
ABM.L