According to the deal, Li3 Resources which will acquire a 50% interest in Premier’s hard-rock lithium assets, collectively known as the Li3 project, in the Mutare greenstone belt, in Zimbabwe. The assets are held by Premier’s wholly owned subsidiary LicoMex.
Li3 is a private, lithium focused exploration company founded and backed by senior mining executives who have had prior success in the lithium sector. The firm has until December 31 to acquire the 50% interest in the Li3 project by spending $250 000 in further exploration works. The Li3 project comprises a number of prospective claim blocks in the Mutare greenstone belt – an area prospective for lithium and gold.
“The Li3 project is located in a region in Zimbabwe that is receiving significant interest in both lithium and potential gold deposits. The claim blocks are well located and, in several instances, have already attracted interest from international lithium producers. Of particular importance is that Li3 plans to list on the TSX, and this brings to Zimbabwe widened international interest and investment.
“For Premier, this expands our lithium interests in Zimbabwe and, while exploration and development at Zulu is independent of the activities of the Li3 project, there is bound to be benefit and synergy. Li3 has indicated that their contribution will be settled in one complete payment, and this is expected imminently,” said Premier CEO George Roach.