SYDNEY, AUSTRALIA: Raiden Resources Limited (ASX: RDN), a mineral exploration company, has announced that it has exercised its option to purchase 100% of the lithium, caesium and tantalum (LCT) rights over the Arrow Project from Arrow Minerals Limited (ASX: AMD), a gold and base metals explorer.
The Arrow Project is located in the Gascoyne region of Western Australia and covers an area of 223km2.
The option agreement was signed in February 2021 and gave Raiden the right to acquire 100% of the LCT rights over the Arrow Project for $500,000, comprising $250,000 in cash and $250,000 in Raiden shares. The agreement also gave Raiden the right to acquire 100% of the rights to all other minerals over the project area for an additional $500,000, subject to certain conditions.
Raiden has decided to exercise its option for the LCT rights after confirming the presence of outcropping pegmatites and spodumene mineralisation on the Arrow Project. Spodumene is a lithium-bearing mineral that is used in the production of lithium-ion batteries. Raiden has also reprocessed soil samples from the project area and expects to receive the results shortly, which will help to identify further areas of interest for LCT exploration.
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