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AUSTRALIAN mining firm, Latitude Consolidated Ltd has reportedly entered into a binding agreement to acquire a 70 percent interest in the Mbeta Lithium Project near Gwanda in Zimbabwe.

Mbeta comprises 13 mineral claims with a combined area of 18 square kilometres and lies in gently-undulating, lightly cropped terrain with good access from Gwanda via tarmac and all-weather gravel roads. The mineralised pegmatites and historic workings extend over 700 metres.

The district has seen minor historical lithium and tantalum mining and the project area is considered underexplored, yet highly prospective, for lithium and associated elements.

The historical assays of lepidolite-bearing ore samples include assays ranging from 2.6 percent lithium oxide to 6.2 percent lithium oxide, with an of 4-4.5 percent lithium oxide. It is likely that the results were from selected ore samples, but these early results could be an indication of the lithium potential in the area.

As part of the transaction, Latitude will complete a two-tranche share placement to raise a total of $3,45 million from sophisticated investors – $491000 upfront and $2,95 million subject to shareholder approval. Latitude is also continuing to assess a number of additional project acquisition opportunities within Africa targeting the battery-metals sector.

“The Board has been actively assessing a number of investment opportunities in the resources sector globally with the aim of providing our shareholder base with a direct exposure to the rapidly growing renewable energy sector. In line with this strategy, the board intends to further extend Latitude’s reach into other lithium opportunities within Africa,” says Latitude’s chairman, Tim Moore.

“In respect to the acquisition of Mbeta, our technical team has identified considerable exploration potential within the Mbeta project and surrounding mining claims which we believe have the potential to host additional lithium mineralisation.”—Wires.