SYDNEY, AUSTRALIA: Osmond Resources (ASX:OSM) has entered into a Deed of Assignment and Assumption Agreement to assume exclusive earn-in rights to acquire the Salt Wells lithium-borate Project located in Nevada, U.S.
The Salt Wells Project is a prospective lithium-borate project located in the prolific Clayton Valley basin in Nevada. The project is adjacent to Albemarle Corporation’s Silver Peak lithium mine, the only producing lithium mine in the United States.
Osmond plans to quickly define an exploration program, with a targeted maiden drilling program to commence in the second half of 2023. The company is also planning to raise approximately $2.3 million by way of a non-renounceable rights issue to fund exploration of the Salt Wells Project.
The acquisition of the Salt Wells Project is a significant step forward for Osmond as it expands its portfolio of lithium assets. Lithium is a critical material for the production of batteries, which are used in electric vehicles and other clean energy technologies.
The acquisition is also expected to create significant value for Osmond shareholders. The Salt Wells Project has the potential to be a major lithium producer, and Osmond is well-positioned to unlock this potential.
About Osmond Resources
Osmond Resources is an Australian mineral exploration company focused on the development of lithium and other battery metals projects. The company has a portfolio of projects in Australia, Nevada, and Argentina.
Osmond is led by a team of experienced mining executives with a proven track record of success. The company is committed to developing high-quality projects that can make a significant contribution to the global transition to a clean energy future.
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