HARARE – MetalsGrove Mining Ltd has opted to relinquish its lithium projects in Zimbabwe after disappointing exploration results and weak market conditions.
MetalsGrove Mining is a multi-metal resource exploration company focused on the exploration of its portfolio of multi-metals projects including copper-gold,
lithium, rare earth, manganese and base metal projects in Western Australia of Australia
MetalsGrove holds two lithium projects in Zimbabwe – the Arcturas Lithium Project
and the Beatrice Lithium Project. The two projects were acquired by MetalsGrove on 11 December 2023 under the Company’s previous management team.
In February 2024, Perth-based consulting firm, GeoCOM, was engaged to undertake
an initial programme of geological mapping and surface sampling at Arcturas and
Beatrice.
A total of 95 samples were collected from the Arcturas Project area. GeoCOM reports
that no lithium-bearing minerals were observed. All samples recorded lithium values at
trace levels or below detection limits. The orientation of the pegmatite veins were inconsistent with those of the nearby Arcadia Lithium mine and newly discovered Step Aside lithium mine, suggesting different mineralisation events.
In respect of Beatrice, nine samples were collected for assay by GeoCOM. These
variously recorded encouraging lithium grades, with values of up to 1.44% Li2O.
Unfortunately, only one of these samples, at the grade of 0.88% Li2O, was collected
from within MetalsGrove’s granted tenements.
Towards the end of June, MetalsGrove Managing Director and CEO, Lijun Yang,
undertook a site visit to the two properties and also held discussions with local geologists
and other stakeholders with a view to assessing whether anything had perhaps been
overlooked.
Given the disappointing geological and assay results, in the absence of any further
perceived opportunity, and having regards to the weakness in the lithium market since
the projects were acquired, MetalsGrove announced in its June Quarterly Report that
it had taken the decision to undertake a strategic review of these assets.
Yang, said:“ After thorough investigation, MetalsGrove has determined that the prudent
course is for the company to relinquish its Zimbabwean lithium projects.”
