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Ariana Resources ties up Aussie lithium sale

The lithium-tantalum bearing pegmatitic prospects are being sold as part of a broader deal with Slipstream Resources
Picture of Australian outback
Twnety tenements have been sold in total

Ariana Resources plc’s (LON:AAU) Australian subsidiary Asgard Metals has sold the final four of a package of lithium tenements in Western Australia and the Northern Territory to Kingston Resources.

The lithium-tantalum bearing pegmatitic prospects are being sold as part of a broader deal with Slipstream Resources to sell the 20 tenements to Kingston.

Asgard will receive A$20,000 cash and 6.6mln shares in Kingston with a further 7,2mln shares if agreed milestones are hit.

Aussie–listed Kingston (ASX:KSN) will raise A$6.85mln in two tranches to fund an exploration programme on the tenements.

Kerim Sener, Ariana’s managing director, said:  "This is a very pleasing result for our technology-metals subsidiary which was able to act swiftly to secure the rights to some of the tenement applications that form part of this deal with Kingston.

“We are again pleased to have been able to co-operate productively with Slipstream on this deal, and to have been able to apply again a successful formula to vend the complete licence package to Kingston.”  

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