Blaze International Ltd (ASX:BLZ) has entered into an option agreement to acquire the Marble Bar Lithium Project in the East Pilbara region of Western Australia.
Blaze will join Pilbara Minerals Ltd (ASX:PLS) and Altura Mining Ltd (ASX: AJM) in a region which is becoming a hub for lithium activity, following the discovery of world-class pegmatite deposits.
The Marble Bar Lithium Project consists of four exploration licence applications covering 370 square kilometres.
Blaze will pay an initial cash option fee of $200,000 to Great Sandy Pty Ltd, an entity owned and controlled by well-known Pilbara prospector Denis O’Meara.
Blaze can acquire the project by paying an additional $500,000 and issuing 25 million ordinary shares (worth $1.7 million as per Blaze’s last traded price) plus 75 million performance shares.
Reconnaissance exploration has identified a pegmatite swarm at the project with a strike length of 3.5 kilometres within a 4 kilometres wide corridor…
Source: Blaze International Ltd joins East Pilbara’s lithium bustle – Proactiveinvestors (AU)