Australian mining firm Patriot Lithium signed a binding agreement with mining services company Array Metals and Natural Resources for the acquisition of an 80% stake in the Katwaro Copper project in Zambia.
Under the terms of the deal, Patriot Lithium will pay Array Metals $25,000 for a 12-month exclusive option period while funding exploration and feasibility costs for the site. A special purpose vehicle will be created if Patriot Lithium selects to exercise the option. The vehicle will hold 100% ownership of the Katwaro project.
Going forward, Patriot Lithium will carry out a review of exploration data, geological surface mapping and geochemical surveys. This review will commence in Q4, 2024, and aims to determine indicated resources at the project. An additional $400,000 will be paid to Array Metals and Natural Resources if the results from the exploration program reveal indicated resources of 5 million tons of copper ore with a grade of at least 2%.
The Katwaro project spans 400 hectares and includes a historical open-pit mine with exposed copper-bearing metasediments.
