Arian Silver Corp to buy three lithium projects in Mexico
By Maryam Cockar
Date: Tuesday 11 Apr 2017
(ShareCast News) - Shares in Arian Silver Corporation surged on Tuesday after the miner announced it will buy three lithium exploration projects in Mexico for up to $200,000.
The AIM-listed company will buy the Pozo Hondo, Columpio and Abundancia projects in Zacatecas State which is known for its lithium deposits, through its Mexican subsidiary, Compañia Minera Estrella de Plata SA de CV, from Comercializadora Gacu SA de CV.
Following the acquisition of the projects, which cover over 1,600 hectares, Arian will own silver and lithium mineral concessions over 3,150 hectares within the Zacatecas mining district.
A deposit of $20,000 has already been paid and two further instalments of $80,000 each will be made in the second and third quarters of 2017, with the final instalment of $100,000 paid at the end of the first quarter of 2018.
The projects are also subject to a 2% net smelter royalty to Comercializadora Gacu.
Arian has already commissioned a technical report on the projects which will incorporate the results of the preliminary exploration programme, which consists of sampling and geological mapping.
Arian chief executive Jim Williams said the deal is part of the company's new strategy to diversify from exclusively exploring silver deposits, to seize opportunities in growing markets, such as lithium.
"We are fully aware of the positive corporate market response, particularly in the US, Canada and Australia for lithium exploration and development companies. Given the increasing number of known lithium occurrences in Mexico, and specifically within the state of Zacatecas, together with our already established presence and infrastructure there, it is important we utilise these rare opportunities and potentially benefit from forward looking positive demand curves.
"Our current focus is set firmly on evaluating the extent of the mineralisation across our expanded portfolio of assets."
Shares in Arian Silver were up 23.36% to 0.938p at 0827 BST.
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