In a move set to revolutionize Uganda’s lithium exploration and production efforts, Javelin Minerals recently inked a strategic takeover bid implementation agreement with Gecko Minerals.
This strategic maneuver has garnered unanimous support from Gecko’s directors, who wholeheartedly recommend their shareholders back this transformative deal. This strategic partnership promises to open up new avenues for lithium prospects in Uganda.
Through this strategic takeover, Javelin Minerals is poised to acquire two promising lithium projects in the heart of Africa. Gecko Minerals Uganda, in which Gecko owns a substantial 60 percent stake, holds a treasure trove of exploration opportunities, with one active exploration license and three pending exploration license applications in Uganda.
Among these exciting projects, the Ntungamo project encompasses an exploration license and two exploration license applications spanning a vast area of 60 square kilometers.
Notably, the Ntungamo project surrounds a historical open-cut beryllium and tantalite mine that, until now, remains largely unexplored for lithium. Recent sampling from sizable amblygonite boulders in waste piles has unveiled tantalizing assays of up to 7.68 percent lithium oxide.
Meanwhile, the Mityana project, covering a sprawling 240 square kilometers, is home to a historical open-cut tantalite mine.
Though not part of the acquisition, this project has recently yielded remarkable samples from deeply-weathered pegmatite tailings and large amblygonite boulders in waste piles, boasting assays of up to 8.13 percent lithium oxide.
Javelin Minerals’ Executive Director, Matthew Blake, expressed great enthusiasm about this landmark opportunity. He stated, “This is a major opportunity for Javelin as a lithium explorer and potential future lithium producer. The lithium potential of Uganda has been historically eclipsed by the abundant tin and coltan mining, but these same granitic and pegmatitic host rocks may well contain large economic quantities of lithium minerals such as spodumene, lepidolite, and amblygonite.”
Gecko Uganda anticipates provisional approval for two of its three exploration license applications, with the third expected to follow suit within the next week.
The Ntungamo project, conveniently located just 20 kilometers from the township of the same name and approximately 300 kilometers southwest of Uganda’s capital, Kampala, holds immense promise.
Similarly, the Mityana project, despite its proximity to Kampala, has remained largely uncharted. Gecko Uganda remains confident that pegmatite extensions from the old tantalite mine could extend into the Mityana license, and plans are already in motion to launch a lithium-focused exploration program to validate this theory.
In a testament to investor confidence in Javelin Minerals’ strategic vision, the company has secured firm commitments amounting to $2 million through a share placement, split into two tranches.
The first tranche involves 1,418,122,916 shares at an issue price of $0.0004 per share, raising $567,249 and remaining within the company’s 15 percent placement capacity.
The second tranche consists of 3,581,877,084 shares, accompanied by 3,581,877,084 attaching options exercisable at $0.001, raising a substantial $1,432,757.
With a solid financial backing of approximately $2 million and two promising African projects on its horizon through this strategic takeover, Javelin Minerals is poised to make significant strides in Uganda’s burgeoning lithium landscape, primed to hit the bullseye in this exciting venture.
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