Huge Rns in the context of Clay lithium28 Feb 2024 08:49
Claim Exchange Completed at Wikieup
Bradda Head Lithium Ltd (AIM:BHL, TSX-V:BHLI), the North America-focused lithium development group, announces finalisation of the land exchange over the unpatented lode claims at the Wikieup clay project in Western Arizona as initially notified by the Company on 1 March 2023. This exchange is mutually beneficial to both parties avoiding litigation and disruption of exploration activities on highly perspective clay-hosted claims. As such, Bradda Head will retain 66 new claims equating to 1,302 acres (5.27 km2), which the Company staked in early 2019, and held in its subsidiary Zenolith (USA) LLC. In turn, Bradda has transferred 55 unpatented lode claims to Arizona Lithium's subsidiary, Big Sandy Inc., to the amount of roughly 1,136 acres (4.60 km2), per the terms of this settlement. This transaction is now legally binding pursuant to the Company's announcement on 1 March 2023 ('Settlement of Claim Dispute with Arizona Lithium'), and the exchange of claims has been completed by mutual agreement and all legal documents have been filed with both the BLM and respective county in Arizona to cement the transaction.
This final exchange furthers Bradda's exposure to high-quality lithium-in-clay targets (proximal at < 1.0km to Arizona Lithium's Big Sandy clay discovery) and further enhances the Company's portfolio of this high-quality project. The new ground will, in due course, be explored with geological mapping and surface sampling for opportunities, developing priority drill targets potentially for later in year.
Ian Stalker, Executive Chair, commented:
"We thank Arizona Lithium and the countless hours of time undertaken to settle this matter without litigation and allow both companies to proceed with unobstructed exploration on their respective claim groups. This is new ground that has significant upside potential within the large, lithium-bearing clay-rich lacustrine basin and Bradda plans to capitalise on the finalisation of this settlement with renewed surface exploration."
For further information please visit the Company's website: www.braddaheadltd.com.
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