LONDON, UK: Ronin Resources Limited (ASX: RON), a diversified mineral exploration company, has announced that it has entered into binding agreements to acquire 100% of the issued capital in Ontario Battery Metals Pty Ltd (OBM), which owns the Hornby Lake Project, a lithium exploration project in Ontario, Canada.
The Hornby Lake Project consists of 622 contiguous lithium exploration claims covering an area of 123 km2, located 15 km west of Frontier Lithium Inc’s (Frontier) (TSXV:FL) PAK and Spark lithium projects. Frontier has reported a pegmatite hosted Mineral Resource Estimate for their PAK project of 26 Mt @ 1.62% Li2O (Measured and Indicated) and 32 Mt @1.41% Li2O (Inferred), including recent drilling results of 398 m @1.88% Li2O.
Ronin said that the analysis of available aerial photography over the Hornby Lake Project supports historical field observations of the presence of outcropping pegmatites, which are the main source of lithium mineralization in the region. The company plans to commence exploration programs in early Q3 2023, which will include further desktop review and target identification, followed by surface mapping and geochemical sampling of outcropping pegmatites to determine their potential to host significant lithium mineralization.
Ronin Executive Chairman Joseph van den Eisen commented: “The Hornby Lake Project is an exciting addition which further diversifies the Ronin portfolio. The importance of Lithium in a world shifting towards renewable energy sources and electric vehicles is well known, and the acquisition provides shareholders with exposure to lithium exploration in a tier 1 mining jurisdiction. The company remains committed to its strategy of generating shareholder value through development of its existing assets and pursuing business development opportunities capable of further complementing the portfolio.”
To fund the acquisition and exploration of the Hornby Lake Project, Ronin has received firm commitments to raise $300k at an issue price of $0.15 per share from sophisticated and professional investors. The company said that the funds raised will also be used for general working capital purposes.
As part of the acquisition, Ronin will also appoint experienced geologist Marnus Bothma to its board as a non-executive director. Bothma has over 20 years of experience in mineral exploration and project development across various commodities and geographies.
Ronin is a diversified mineral exploration company with interests in gold, copper, nickel, cobalt, and lithium projects in Australia and Canada. The company’s flagship project is the Mt Remarkable Gold Project in Western Australia, where it has identified high-grade gold mineralization. Ronin is also developing the Mt Gilmore Copper-Cobalt-Gold Project in New South Wales and the Yandal East Gold Project in Western Australia.
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