JOHANNESBURG (miningweekly.com) – Marula Mining on Friday announced an agreement to acquire a lithium, tungsten and tantalum asset in the Northern Cape, through its wholly-owned Southern African Lithium and Tantalum Mining subsidiary.

The agreement involves the acquisition of 100% of Northern Cape Lithium and Tungsten.

"I’m thrilled to be able to announce this strategic acquisition,” Marula CEO Jason Brewer stated in a release to Mining Weekly.

Under the commercial terms of the agreement, Marula will make a cash payment of R3-million to the existing Northern Cape Lithium and Tungsten shareholders, and two further payments each of  R15-million payable at the company’s election in cash or shares.

Marula is a South African A2X-listed and UK Aquis-listed battery metals investment and exploration company partnered by Q Global Commodities, headed by Quinton van der Burgh.

“All these key projects are located close to our existing Blesberg mining and processing operations, and are brownfields sites, with great infrastructure and a good mining and exploration history.
  
“This acquisition not only expands Marula’s portfolio and geographic footprint in South Africa, but also provides an opportunity to build on infrastructure at Blesberg and position ourselves as a fast-emerging and growth-focused company in the South African mining landscape,” Brewer enthused.
 
Northern Cape Lithium and Tungsten is said to have more than 16 tungsten deposits and former high-grade tungsten mining operations, including the Kalbeen and Isis tungsten mines, the Koubank, Kaalbeen West and Armbank tungsten deposits, and Spodumene Kop II Pegmatite, which was previously mined to shallow depths for its spodumene ore, tantalite and beryl.

Also located in the licence area is the Groendoorn field, in which pegmatites have been observed to contain spodumene, tantalite, beryl, feldspar and mica, and where small-scale mining was undertaken until the 1960s.

Key brownfields sites have not been re-assessed for over 40 years and directors believe there is an opportunity to advance plans to recommence mining of tungsten at Kalbeen and Isis, complete new exploration and mine development of the Koubank, Kalbeen West and Armbank tungsten deposits, as well as tantalum and spodumene exploration and mine development at Spodumene Kop II and at the Groendoorn Pegmatites.

Marula stated that Northern Cape Lithium and Tungsten is the registered holder of Prospecting Right NC 30/5/1/1/2/13317 PR, which extends over 15 000 ha of the Vioolsdrift Farm, and 12 km south of the Orange river, in the Namaqualand district.