The principal focus of the Company will be to fund the exploration and potential development of the Company’s flagship Solaroz Lithium Project in Argentina.
The Solaroz Lithium Project comprises 12,000 hectares of highly prospective lithium mineral tenements located within the Salarde Olaroz Basin in South America’s “LithiumTriangle” in north‐west Argentina. The Solaroz Lithium Project is directly adjacent to or principally surrounded by mineral Tenements held by Orocobre Limited (ASX/TSX:ORE) and Lithium Americas Corporation (TSX/NYSE:LAC).
The Company holds its interest in the Solaroz Lithium Project through a wholly owned Australian subsidiary (being LEOPL) which in turn holds a 90% shareholding in an Argentinian subsidiary company (being Hananta) which has the right to acquire a 100% interest in the Solaroz Tenements upon completion of a series of staged milestone payments.
The location of Solaroz is considered by the Company to be highly strategic and prospective for commercial quantities and concentrations of lithium‐rich brine as the Company believes the aquifer which supplies the lithium‐rich brine being extracted by Orocobre is likely to extend under the Company’s Solaroz Tenements.
In addition to its lithium assets, the Company owns the Burke Graphite Project located in Queensland which contains a high grade graphite deposit and presents the opportunity for the Company to participate in the anticipated growth in demand for graphite and graphite related products.
The Company has an approximate 76.5% beneficial interest in the Burke Tenements, pursuant to the Burke Farm-In Agreement with Burke Minerals Pty Ltd (BMPL). BMPL is the registered holder of the Burke Tenements and the owner of the residual approximately 23.5% beneficial interest in the Burke Tenements. The Company, through a wholly owned subsidiary (being LEAOPL), has entered into a Share Sale and Purchase Agreement to acquire all of the shares in BMPL conditional upon, amongst other matters, the completion of its IPO.
It is anticipated that LEL will list on the ASX during May 2021.
Emerging Pilbara Lithium Explorer. Global Lithium Resources Limited is a Pilbara focussed, lithium exploration and development company, based in West Perth, Western Australia.