Amani Gold has finalized an agreement to fully acquire Authium, the entity holding the Clayton Ridge Sedimentary Lithium Project in Nevada, boasting a significant Lithium Carbonate Equivalent (LCE) resource.
Key Features of the Clayton Ridge Lithium Project
– Substantial JORC Resource: The project has a remarkable resource of 2.5Mt LCE, with 2.24Mt LCE classified as Measured and Indicated (500ppm cut-off).
– Strategic Location: Situated in the prime lithium mining area of Clayton Valley, it neighbors North America’s only operational lithium mine, Abermarle’s Silver Peak. The project is also adjacent to advanced lithium resources operated by Century Lithium Corp and Noram Lithium Corp.
– Planned Production and Development:
– A bankable feasibility study is set to commence in 2024.
– A two-stage lithium production strategy is in place, aiming for 5ktpa LCE in 2027 and a subsequent 25ktpa plant.
– Exploration drilling for further resource development is scheduled for Q1 2024.
Authium’s Technical Team Joins Amani
A significant aspect of the acquisition is the integration of Authium’s technical team into Amani. This team, recognized for developing the Rincon Project (later sold to Rio Tinto for $825M), will now lead the development of the Clayton Ridge Lithium Project to achieve Amani’s production objectives.
Funding and Re-Listing Plans
Amani Gold plans to raise a minimum of $5,000,000 through a Public Offer to fund the development of the Clayton Ridge project and support its operational costs. This initiative is part of Amani’s strategy to re-list on the ASX.
With this acquisition, Amani Gold reinforces its position in the lithium market and aligns with the growing demand for lithium resources, essential for the burgeoning electric vehicle and renewable energy sectors.