Twenty Seven Co (ASX:TSC) takes critical option
October 13, 2022Twenty Seven Co. has optioned the highly prospective Mt Edon lithium-caesium-tantalum mining lease near Paynes Find, further propelling its diversifying tilt into Western Australian critical mineral’s opportunities.
The option arrives a little over a week after Rio Tinto decided to earn in on the Company’s Rover project where it will be targeting sub-cropping weathered pegmatite units considered highly promising for lithium (spodumene) and tantalum mineralisation.
Excitingly, increasing demand for Caesium can make even small amounts of the soft, gold-coloured metal used mainly for drilling, medical and electrical applications cost-effective to mine.
TSC says the opportunity significantly strengthens its diversified exploration to compliment its extensive precious metal portfolio.
“The Company has undertaken extensive due diligence over recent months to acquire an advanced battery metals exploration asset for shareholders,” Chief Operating Officer Simon Phillips said.
“Mt Edon is located in a premier lithium exploration jurisdiction, and with known high-grade lithium mineralisation and historic tantalum production recorded within the tenement package, our technical team is very confident we can unlock the full potential of this asset through modern exploration methods and targeted drilling.
“We look forward to further updating our initial work programs and plans for Mt Edon in due course.”
Due Diligence
An RC program will investigate the historical anomalous rock chip samples – all approvals are in place for work to commence this month.
During the due diligence period, TSC will also pay all landholder access fees as part of the due diligence program.
About the Farm-In Option
TSC has taken an option to farm in to acquire the right to earn a 100% interest in the Mt Edon Project 5km from Paynes Find in Western Australia – subject to due diligence and shareholder approval
The Company will initially fund a due diligence work program which will include a targeted 500m RC drilling program to a minimum value of $140,000 to determine whether to proceed with the farm-in
About Mt Edon
Mt Edon tenement package sits on a fully granted Mining Lease (M59/714) historically mined for tantalum.
This is considered highly prospective for Lithium, Caesium, Tantalum, Rubidium and Rare Earth Elements (REE) mineralisation.
The Mt Edon Project contains the Mt Edon Pegmatite Field, which sits on a granted Mining Lease M59/714 (ML), located in the Southern portion of the Payne’s Find Greenstone Belt – an area known to host swarms of Pegmatites.
The Mt Edon tenement package is considered highly prospective for a suite of precious critical metals, including Tantalum, Caesium, Lithium (LCT), Rubidium and Rare Earth Elements (REE).
TSC has been granted a 120-day exclusive right to undertake a due diligence work program, including a 500m RC drilling program. During the period, TSC will also pay all landholder access fees, with a minimum value of the work program being $140,000. At the end of the work program, TSC can elect whether or not to proceed with the farm-in.
A staged farm-in agreement will follow an election by TSC to proceed, allowing TSC to earn a 100% interest in the project. Full material details of the Term Sheet are outlined below. Entelechy is a related party of the Company as it is 100% owned by MSCS Infrastructure Pty Ltd, which is 100% owned by the Company Chairman Mark Caruso’s son. The proposed farm-in under the Term Sheet will be subject to shareholder approval.
TSC plans to conduct an initial drill program of 500m to investigate the historical anomalous rock chip sample locations and any related zonation of nine pegmatites and will commence in October 2022. All approvals are currently in place to start the drilling.
About Twenty Seven Co.
Twenty Seven Co. Ltd is an ASX-listed explorer with highly prospective assets in Western Australia’s goldfields and the Broken Hill area in New South Wales.
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