CANADA based Lithium exploration and development company, Li3 Lithium Corporation says it is currently scouting for additional prospective ground in Mutare in a bid to up output in one of Zimbabwe's emerging white gold districts.
Zimbabwe is the world's fifth largest lithium producer whose lithium output has increased steadily in recent years, producing 1 200 metric tonnes of the battery metal in 2021.
Experts believe that if wisely used, the abundant white gold can be the country's 'sanctions busting' card amid official records showing that a whooping US$10-billion revenue can be generated on the back of thousands of jobs if the authorities commit to value addition.
In an update Tuesday, Li3 revealed the top miner is currently scouting for additional prospective ground in Mutare to beef up its stocks.
"The Company is evaluating the acquisition of additional prospective ground, either through staking or agreements with potential vendors. The area was deemed prospective for lithium-cesium-tantalum pegmatite based on prior target generation work.
"Management believes the lithium exploration potential of the MGB is analogous to that of the Pilbara Craton pegmatite in Western Australia," said the company.
Li3 is already running the Mutare Lithium Project consisting of 1,500 hectares of licenses within the Mutare Greenstone Belt of Zimbabwe, located close to the eastern border with Mozambique.
The area was deemed prospective for lithium-cesium-tantalum (LCT) type pegmatites based on prior target generation work.
Li3 has also announced a proposed non-brokered private placement for aggregate gross proceeds of up to $250,000 comprising up to 5,000,000 units at a price of $0.05 per unit.
Each warrant will entitle the holder to purchase one common share for $0.10 at any time within 18 months after closing.
"Closing is expected to occur on or around October 31, 2023. The proceeds of the Private Placement will be used for general working capital and due diligence costs related to identifying and evaluating hard rock spodumene assets for potential acquisition in Zimbabwe and the Americas," the company added.
