https://www.miningweekly.com
Energy|Exploration|PROJECT|Resources
Energy|Exploration|PROJECT|Resources
energy|exploration|project|resources

Macro takes option on Aurora’s lithium in Oregon

14th November 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Australia-listed Macro Metals on Tuesday announced a binding option to acquire 85% of the lithium rights of the Aurora project in Oregon, US, from fellow-listed Aura Energy Metals.

Nonexecutive chairperson Peter Huljich said the Aurora lithium project represented a “drill-proven opportunity” in the US’ biggest lithium province, the McDermitt Caldera.

The Caldera is host to two significant lithium resources, including Lithium America’s Thacker Pass.

Macro has been granted an exclusive three-month option period to conduct due diligence and complete formal documentation for a fee of A$50 000. If the option is exercised, Macro will issue 666 666 667 ordinary shares at a deemed issue price of A$0.003 plus an additional 666 666 667 options.

Aurora Energy will retain 15% of the lithium rights and 100% of the nonlithium rights, allowing the company to focus on the development of its namesake uranium deposit.

Aurora Energy MD Greg Cochran said that Aurora’s primary strategic focus was its uranium deposit.

“The proposed transaction with Macro allows Aurora to focus on the development of our advanced, large-scale and well-defined uranium deposit, whilst retaining leverage to the increased value of lithium exploration via our significant shareholding in Macro post transaction.”

The Aurora uranium deposit has a mineral resource estimate of 107.3-million tonnes at 214 ppm uranium oxide for 50.6-million pounds.

Edited by Creamer Media Reporter

Comments

Latest News

Finance Minister Chrystia Freeland
Miners seek exemption from Canadian tax hike to save equity deals
Updated 3 hours ago By: Bloomberg

Showroom

SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 
Avlock International
Avlock International

Avlock International is a leading manufacturer and distributor of Specialized Fastening Systems.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 10 May 2024
Magazine round up | 10 May 2024
10th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.133 0.17s - 89pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: