Australian-based mineral exploration company, Tyranna Resources, will acquire an 80% interest in the Namibe Lithium Project in Angola. The Acquisition is expected to be finalized by July 2022, positioning the company as the majority owner of the project.
As per a binding terms sheet signed by the mineral exploration company, Tyranna will acquire Angolan Minerals via a mix of consideration shares and options, along with performance shares. As part of the transaction, Tyranna will also carry the sellers’ retained 20% stake in Angolan minerals regarding exploration expenditure.
This will continue until a feasibility study on Angola’s tenements has been completed. Additional terms include the appointment of Paul Williams as an executive director on the company’s board and contracting exploration geologist, Peter Spitalny, as principal technical advisor.
The 207 m² Namibe Lithium Project includes the Giraul pegmatite field. With under 10% of the Giraul pegmatite field having been explored since the 1960s when it was first discovered, the company believes that lithium reserve potential is significant.
Tyranna Resources intends to explore and sample pegmatites as well as conduct further fieldwork on the pegmatites containing lithium minerals, with the aim of setting targets for near-term drilling. Having historically focused on nickel and gold prospects in Australia, the company views the recent acquisition as key to advancing corporate plans to explore mineral prospects across the southern African region.