Kali Metals increases Pilbara gold footprint

Kali Metals has entered into a binding agreement with privately held Florance Resources to acquire two tenements adjacent to the Marble Bar Gold-Lithium Project in the Pilbara region of Western Australia. As such, both tenements will expand the tenure of Kali’s Marble Bar Gold-Lithium Project by 19km2.

Under the deal, Kali Metals, which has a market capitalization of $11.28 million, will acquire Florance for $30,000 cash and $200,000 worth of ordinary shares based on a five-day volume weighted average price before executing the agreement.

Managing Director Paul Adams says increasing the footprint in the Pilbara gives the company the best chance to uncover and define potential gold targets for future drilling. “With gold prices reaching record highs this month, Kali is maintaining a key focus on the gold prospects of its 100%-owned Marble Bar Project in the Pilbara,” Adams says.