Firefinch Limited (Mali Lithium)
Firefinch Limited (Mali Lithium)
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West African explorer Birimian stands to pocket $A107.5M from the sale of its advanced Bougouni lithium project in southern Mali to Chinese-based Shandong Mingrui Group. The companies have signed a letter of intent, which will become binding on payment of a 10% deposit by Jan 20.
The 100%-owned Bougouni project hosts the Goulamina mineral resource of 15.5Mt @ 1.48% for 229,000t contained Li2O. Birimian says it has a clear pathway for development of Bougouni, with an updated resource due late in the March qtr and a PFS and maiden reserve in the June qtr.
West African explorer Birimian has teamed up with Randgold to come up with low-risk and low-cost processing solutions for its Massigui gold project in Mali. Randgold is operator of the Morila gold mine, a forecast 90,000oz producer in FY2016 that is bordered on 3 sides by Massigui.
Chinese logistics and commodity trader Tongdow Group has signed an MOU with Birimian over off-take, mine development and partnering for spot market pricing of the Australian-based company's lithium product range.
MD Kevin Joyce says the deal validates the global significance of Birimian's high grade, bulk tonnage Bougouni lithium project in southern Mali, where it has posted a maiden resource of 15.5Mt @ 1.48% Li2O at the Goulamina deposit.
Australian-based Birimian has been rated a speculative buy on the basis of the potential for a very large spodumene (lithium) development at its Bougouni project in Mali, Australian broker Hartleys reported.
Bougouni comprises some 250sq km licence area that hosts the high-grade, potential bulk-tonnage Goulamina lithium deposit.
A maiden JORC-compliant resource is expected in October and Hartleys sees potential for a very large deposit at good grades (1.6-1.8% Li2O) on limited drilling to date.
Further evidence of the global market's love affair with lithium has been delivered by Birimian, which has received commitment for $A5M from institutional, sophisticated and professional investors for its Bougouni lithium project in Mali.
The heavily oversubscribed placement of 21M shares at 24c comes before initial assay results due next month and maiden resource and scoping study in the Dec qtr. MD Kevin Joyce says the strong demand endorses Bougouni's potential for a high-grade lithium orebody amenable to low-cost openpit mining and close to infrastructure.
Birimian Gold has identified a low-cost mine and truck development option for its Ntiola gold discovery, within the Massigui gold project in southern Mali.
The Australian explorer says a preliminary environmental and social assessment by Digby Wells Environmental indicates no impediment to development of Ntiola, which is about 25km from the Morilla treatment plant and offers a potential near-term opportunity to supplement the Morilla mine.
Birimian Gold has lined up a toll treatment and partnership deal for its Massigui gold project in southern Mali with the signing of a memorandum of understanding with the operators of the Morila mine, 25km away.
The Australian-based explorer says the agreement will enable it to rapidly and cost-effectively advance its new Ntiola gold discovery within the Massigui project.
Australian explorer Birimian Gold aims to rapidly advance the Ntiola gold discovery at its Massigui project in Mali after raising $A2M from US-based broker/funds manager Sprott Global Resource Investments.
MD Kevin Joyce says the willingness of a company with a track record of identifying successful early stage resource companies to take a cornerstone position of 95.2M shares at $0.021, a 30% premium to the current share price, recognises the long-term potential of the Massigui project.