Auroch Minerals has decided to make a strategic entrance in the lithium sector with the acquisition of the Hombolo lithium project in Tanzania.
The company said the move to acquire the highly prospective Hombolo project was motivated by the strong outlook for lithium from the burgeoning battery market.
The Hombolo project is located approximately 40km north east of the Tanzanian capital Dodoma. The project area is adjacent to the Liontown Resources’ Mohanda Lithium-Tantalum project where the company recently announced grades of up to 5.2% Li2O and 0.11% Ta in pegmatites that intrude the regional metamorphic basement rocks.
Auroch has secured the rights to the Hombolo project through a deal to acquire a ground package that comprises over 1,700 km2 including two approved prospecting licences immediately adjacent to known mineralisation, 8 regional prospecting licences still in application and 3 granted primary mining licences and 8 applications for primary mining licences that are part of an excision with the Liontown project.
The company’s geologists have been on ground and mapped and sampled pegmatites with abundant Lepidolite and Spodumene – lithium bearing minerals.
Auroch Executive Glenn Whiddon said the company will commence field operations in June with initial planned exploration activities to include trenching, mapping and sampling of the pegmatites and soil sampling.
“We are excited to be committing to the Lithium space during this period of massive technological change. Auroch has made strategic decision to focus a portion of the funds it has received from the sale of the Manica Gold project in Mozambique toward this sector and is completing due diligence on several other projects worldwide,” he said.
“Our goal is to develop a portfolio of assets from grassroots to advanced, across several geographical and political jurisdictions to take advantage of the burgeoning battery market and to provide portfolio diversity to minimise risk to shareholders.”