![Drake helps a group of African kids go viral [Watch]](https://thepostghana.com/wp-content/uploads/2020/04/drake-2019-pxn-billboard-1548-1586360114-1024x677-360x180.jpg)
Australian exploration company Moab Minerals has recently acquired a 14.64% interest in CAA Mining, a UK-incorporated company focused on lithium and gold exploration in Ghana. This strategic acquisition allows Moab Minerals to expand its portfolio by gaining a stake in three complementary projects. By investing in CAA Mining, Moab Minerals enables its shareholders to participate in the lithium sector.
The transaction involved Moab Minerals acquiring 2.7 million shares in CAA Mining for £750,000. The three projects obtained through this deal are covered by six prospecting license applications, spanning a total area of 730km².
Moab Minerals’ Managing Director, Malcolm Day, expressed satisfaction with the investment, citing the high potential of the lithium projects in Ghana. The company believes that this acquisition aligns well with its strategic goals and will generate both short and long-term value for its shareholders.
The six projects are strategically located near a coastal highway between the major cities of Accra and Takoradi, with the latter hosting a major port. CAA Mining previously entered into an agreement to acquire up to 85% of Lithium Resources Ghana for $8 million. As part of this agreement, CAA Mining has the option to acquire any or all of the six prospecting licenses applied for by Lithium Resources Ghana.
These licenses are considered prospective for lithium and share geological similarities with the Atlantic Lithium Ewoyaa discovery, which holds an estimated 35.3 million tonnes at 1.25% lithium oxide (Li₂O). Initial geological and geophysical studies, along with the presence of known pegmatites, have indicated promising exploration potential.
One of the projects has already commenced an auger drilling program covering a distance of 20,000 meters. CAA Mining has invested approximately $500,000 in establishment and exploration costs associated with the six licenses, demonstrating its commitment to advancing these projects.
