Global Geoscience Limited has secured an option to acquire a 100% interest in the advanced Rhyolite Ridge Lithium-Boron Project located 60km southwest of Tonopah and 270km southeast of Reno in Nevada.
The option agreement entitles the company to an exclusivity period expiring on 3 July 2016 in which to conduct due diligence on the project, and a 12 month option period in which it may exercise the option.
Global Managing Director Bernard Rowe told the ASX that due diligence, including check assaying and compilation and assessment of available drill hole data, will commence immediately.
He said the acquisition of the Project will complement the company’s existing portfolio of mineral exploration projects in Nevada and provide it with an opportunity to leverage its extensive experience of operating in Nevada.
“Global is extremely excited to announce the acquisition of an option to acquire the advanced Rhyolite Ridge Lithium-Boron Project in Nevada. With over 100 exiting drill holes at two known lithium-boron deposits, the project provides the company with direct exposure to a significantly advanced exploration opportunity and presents the opportunity to commence a pre-feasibility study in the near term,” Mr Rowe said.
“In addition to the exploration work already completed, we are particularly excited by the opportunity to significantly expand the area of development with approximately 75% of the land holding yet to be explored. We look forward to providing updates of our initial test work and historic exploration results shortly.”