SQM takes big interest in Pirra Lithium
October 23, 2023Global lithium producer SQM has snapped up a 30% stake in Calidus Resources’ (ASX:CAI) Pirra Lithium joint venture, which holds extensive lithium exploration acreage in Western Australia’s Pilbara.
SQM subsidiary SQM Australia Pty Ltd has acquired its share of Pirra Lithium from Haoma Mining, leaving Calidus room to increase ownership to 40% by injecting $3M to fund further exploration.
Calidus will ultimately retain 40% ownership of Pirra by injecting $2M to fund exploration assisted by SQM’s technical committee.
Pitta controls 8km of the Tabba Tabba shear (Tabba Tabba South), approximately 20km from Wildcat Resources’ (ASX:WC8) recent lithium discovery.
“SQM’s acquisition of a large stake in Pirra is a big vote of confidence in the prospectivity of the Company’s lithium exploration acreage in the Pilbara,” Calidus Managing Director Dave Reeves said.
“With an increased landholding of over 1,411km2 in the Pilbara, Pirra is now funded to progress exploration across these tenements rapidly.
“An initial focus will be the Tabba Tabba South tenements, which lie immediately along strike from known lithium occurrences and on a belt that hosts significant lithium resources.
“Calidus will maintain its position in Pirra at 40% due to the significant potential of the land package and will re-assess its options for this holding as exploration continues.
“In line with this approach, there is no plan to seek an IPO of Pirra immediately.”
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