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Haoma Mining and Calidus Resources form new Pilbara lithium exploration venture

01/17/2022 | 02:55pm EDT

Haoma Mining NL

January 18, 2022

To all shareholders,

Haoma Mining and Calidus Resources Limited form new Pilbara

lithium exploration venture

Haoma Mining is pleased to advise shareholders that it has completed a Binding Terms Agreement with ASX listed Calidus Resources Limited (ASX: CAI) to take a 50 per cent interest in a new Pilbara lithium exploration company.

The new company, Pirra Lithium Pty Ltd (Pirra Lithium), is owned equally by Calidus Resources and Haoma Mining.

Pirra Lithium will be assigned tenements and lithium rights across the most prospective lithium ground in the Calidus and Haoma portfolios. The combined tenements and lithium rights cover 1,063km2.

The initial Manager of the Company will be Keras (Pilbara) Gold Pty Ltd, a wholly owned subsidiary of Calidus Resources with overall responsibility to manage and carry out the operations of the Company under the overall direction and management of the Pirra Lithium Board.

The formation of the joint venture with Calidus gives Haoma a low-cost opportunity to partner with an experienced East Pilbara based exploration company to unlock substantial value by exploring what is known to be highly prospective lithium ground in one of the world's best lithium provinces.

Substantial pegmatites have already been mapped on the tenements, several of which are associated with known tin-tantalum fields.

Calidus Managing Director Dave Reeves noted that "Pirra Lithium creates a highly-leveraged exploration opportunity for our shareholders. We can capitalise on this opportunity without it having any impact on our core asset at Warrawoona, where we are on track to pour first gold in the coming quarter."

Transaction Details

Pirra Lithium will be owned 50% by Calidus Resources and 50% by Haoma Mining. Calidus will contribute the first $1m of funding for exploration and manage the exploration using existing infrastructure in the area. At that point, both parties will contribute equally to the funding of the Company. Calidus will also issue $1m in scrip at an issue price equal to the 5-day VWAP to Haoma as compensation for previous exploration. Completion of the transaction is conditional on the parties agreeing to a formal mineral rights sharing agreement to govern the grant of the lithium rights to Pirra Lithium.

A.B.N 12 008 676 177

Registered Office & Head Office : Tonic House, 386 Flinders Lane, Melbourne, Vic., 3000.

GPO Box 2282, Melbourne, Vic., 3001.

Email: haoma@roymorgan.com

Telephone: +61 (3) 9629 6888

Website: www.haoma.com.au

Location

Pirra Lithium has access to tenements totaling 1,063km2 as shown in Figure 1. The tenements were selected from Calidus' and Haoma's extensive landholdings in the East Pilbara based on lithium prospectivity.

Figure 1 - Tenement holdings and lithium rights of Pirra Lithium on a background of Geological

Survey of WA's (GSWA's) 1:500,000 state geology bedrock and linear structures layers.

Geology

Across the Pilbara Craton, including at Wodgina, Pilgangoora, and Global Lithium's Archer deposit near Marble Bar, lithium is hosted in pegmatites associated with granites of the 2890-2830 Ma Split Rock Supersuite1. Abundant granites of the Split Rock Supersuite are present on tenements on which Pirra Lithium has the lithium rights (refer Figure 1).

There is also a strong spatial coincidence between the location of lithium discoveries with historic tin and tantalum fields; for instance, the Archer lithium deposit and the Moolyella tin field, the Wodgina lithium deposit and the Wodgina tin field, and the Pilgangoora lithium deposit and the Pilgangoora tin deposits.

In the Spear Hill (Pirra) area, tin deposits of the Shaw River tin field2 are associated with granite and pegmatite of the Split Rock Supersuite. In the late 1980s Greenex documented the occurrence of lepidolite in pegmatites3 in the field in their pre-feasibility study of alluvial tin-tantalum deposits for Western Australia Rare Metals Co. Ltd and Greenbushes Ltd.

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Proposed Exploration Program

All tenements will initially be ranked for their lithium potential. For the highest priority target areas, field mapping will be carried out immediately to determine the distribution, size, orientation, and mineralogy of the pegmatites. Particular attention will be paid to the nature of any lithium- bearing minerals (e.g., spodumene, lepidolite). A hand-heldlaser-induced breakdown spectroscopy (LIBS) analyser will be used to confirm the presence and composition of lithium minerals during field mapping. This will enable rapid identification of the highest priority areas for drilling, and for applications for Programs of Work (PoWs) to be submitted to DMIRS and requests for heritage surveys to be submitted without delay.

Representative samples will be sent to a laboratory in Perth to provide more precise and accurate determinations of lithium concentrations. In addition, studies will be carried out to determine the deportment of lithium in the samples.

Tenements to be transferred to Pirra Lithium

Pirra Lithium will hold the following tenements and rights.

Tenement

Holder

Size (Ha)

Renewal

Ownership/

ID

Interest

E46/1421

Keras (Pilbara) Gold

16,551.70

Application

100%

Pty Ltd

E45/5747

Keras (Pilbara) Gold

3,826.11

15/12/26

100%

Pty Ltd

E45/5748

Keras (Pilbara) Gold

5,111.83

15/12/26

100%

Pty Ltd

E45/4856

Keras (Pilbara) Gold

1,594.27

20/5/23

100%

Pty Ltd

Lithium Rights to be transferred to Pirra Lithium

Tenement

Holder

Size (ha)

Renewal

Ownership/

ID

Interest

E45/4586

Haoma Mining NL

1,889

03/072022

100%

E45/4587

Haoma Mining NL

956

03/072022

100%

E45/5846

Haoma Mining NL

7,962

Application

100%

E45/5834

Haoma Mining NL

13,705

Application

100%

E45/5938

Haoma Mining NL

13,751

Application

100%

E45/5835

Haoma Mining NL

638

Application

100%

E45/5944

Haoma Mining NL

12,147

Application

100%

E45/6054

Haoma Mining NL

4,782

Application

100%

P45/2974

Haoma Mining NL

127.11

22/09/2019

100%

(extended)

P45 2975

Haoma Mining NL

158.37

22/09/2019

100%

(extended)

P45/2973

Haoma Mining NL

95.16

22/09/2019

100%

(extended)

E45/3381

Keras (Pilbara) Gold

7,802.45

16/03/2023

100%

Pty Ltd

E45/3615

Keras (Pilbara) Gold

1,594.62

22/11/2020

100%

Pty Ltd

E45/4236

Keras (Pilbara) Gold

956.69

19/10/2024

100%

Pty Ltd

E45/4555

Keras (Pilbara) Gold

1,915.22

01/03/2022

100%

Pty Ltd

3

E45/4622

Keras (Pilbara) Gold

4,216.80

04/05/2022

100%

Pty Ltd

E45/4857

Keras (Pilbara) Gold

1,275.37

20/05/2023

100%

Pty Ltd

E45/4905

Keras (Pilbara) Gold

638.00

29/11/2022

100%

Pty Ltd

E45/4906

Keras (Pilbara) Gold

319.00

29/11/2022

100%

Pty Ltd

E45/5172

Keras (Pilbara) Gold

4,291.17

30/05/2024

100%

Pty Ltd

Yours sincerely

Gary C. Morgan

Chairman

FORWARD LOOKING STATEMENTS

This announcement includes certain "forward looking statements". All statements, other than statements of historical fact, are forward looking statements that involve risks and uncertainties. There can be no assurances that such statements will prove accurate, and actual results and future events could differ materially from those anticipated in such statements. Such information contained herein represents management's best judgement as of the date hereof based on information currently available. The Company does not assume any obligation to update forward looking statements.

i

  1. iSweetapple, M.T. and Collins, P.L.F., 2002, Genetic Framework for the Classification and Distribution of Archean Rare Metal Pegmatites in the North Pilbara Craton, Western Australia: Economic Geology v. 97, 873- 895.
  2. Blockley, J.G., 1980, The Tin Deposits of Western Australia with Special Reference to the Associated Granites: GSWA Mineral Resources Bulletin 12.
  3. Kimber, P. and Bale, D., 1988, Pilbara Tin-Tantalum-Rare Earth Project, 1988 Pre Feasibility Study: DMIRS Statutory Report A24569.i

4

Disclaimer

Haoma Mining NL published this content on 18 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 January 2022 19:54:10 UTC.


© Publicnow 2022
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