| Work Detail |
Analysis of rock samples from 13 tenements expected to be completed in Q3 2024
Australia-based global battery chemicals and technology company EV Metals Group (EVM) announced on Monday the successful completion of an initial exploration programme at the Balthaga Lithium Project in Saudi Arabia.
EVM said in a press statement that the completion of the programme, led by UK-listed Power Metal Resources (Power Metal) in partnership with EVM’s special purpose subsidiary, Riwaq Al Mawarid for Mining (RIWAQ), will help unlock value from the Balthaga Project’s tenement package.
The Project, located 450km east of Jeddah in the South-East of the Arabian Shield comprises 13 tenements, covering a total area of approximately 1,200 square kilometres (sq.km.), according to the statement.
Previous work conducted to date indicate the prospects of lithium and rare earths.
RIWAQ also holds 2 separate tenements, pending final grant, prospective for nickel and copper/molybdenum porphyry systems respectively.
The exploration programme follows the signing of an earn-in joint venture between RIWAQ and Power Metal announced on 26 March 2024 whereby Power Metals has the right to a 20 percent ownership interest in the 15 tenements by funding $350,000 in expenditure within the first 12 months.
A comprehensive desktop study was carried out by Power Metal, identifying 44 initial priority targets within the 13 tenements of Balthaga Project area.
The rock samples collected from identified targets have been submitted to ALS Jeddah for analysis, with results expected in the third quarter of 2024.
An additional 23 rock samples collected by EVM in 2022 were also submitted for analysis.
Following the receipt and interpretation of analytical results, Power Metal and RIWAQ will plan the next stage of exploration to further advance the project.
Luke Fitzgerald, CEO of EVM, commented: “The completion of this initial field exploration programme is an important step in understanding the mineral potential at Balthaga to support the EVM strategy of developing a critical raw materials supply chain in the Kingdom of Saudi Arabia. We are encouraged by the thorough and systematic approach undertaken by the team, which identified multiple targets and will generate data to define the next stages of the exploration work. We look forward to the continued collaboration with Power Metal as we advance the project.” |
