MINING exploration company Argosy Minerals has signed a Heads of Agreement giving it the option to purchase the Mt Paris Lithium Project, located 65 kilometres north-east of Launceston.
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The agreement, signed by Argosy and site-owner Geotech International, gives Argosy the option to purchase the project at any point in the next two years for a fee of $250,000 plus GST.
Argosy can elect to terminate the agreement prior to opting to purchase the project.
In a media statement Argosy said the agreement was the company's first step in entering the lithium sector.
The Mt Paris Lithium Project is comprised of one exploration licence over an area of 115 square kilometers.
''The acquisition is consistent with the company’s strategy of enhancing its project portfolio, which will continue with a particular focus on quality precious metals, new technology and agriculture related mineral projects, to increase the overall value proposition of AGY,'' Argosy Director Jerko Zuvela said.
Mr Zuvela said the company would conduct preliminary exploration works targeting greisens at the Mt Paris Mine and Rattler Hill to test for lithium, as well as collecting, logging and analysing the historic samples from the area for lithium.
He said Argosy considered the project to be ''highly prospective for lithium mineralisation''.
“The Project is an ideal stepping-stone given its lithium prospectivity, for the Company to pursue additional quality project opportunities and establish the Company to become a significant explorer,'' Mr Zuvela said.
''We will now aim to prove the Project is robust and are excited about further progress.''