Spartan Resources has snapped up lithium tenements from Firetail Resources for $275,000.
The acquisition concerns lithium rights at the Yalgoo, Egerton and Dalgaranga projects, with Spartan looking to consolidate mineral rights across its gold projects and reduce administration costs.
Meanwhile, Firetail is focused on advancing its cornerstone Skyline copper project in Newfoundland, Canada while unlocking value from its non-core Australian asset portfolio.
“As well as realising $275,000 in cash, which will strengthen our funding position, this is a first step towards streamlining and simplifying our portfolio and positioning the company for long-term growth,” Firetail managing director Glen Poole said.
The Skyline copper project is an advanced high-grade copper-zinc-silver VMS (volcanogenic massive sulphide) project that’s seen 100,000 tonnes mined in the past.
The project area covers 110km2 with a 25km strike of highly prospective lithology and contact zones currently being targeted by high impact drilling and high-resolution geophysics.
Firetail’s Picha copper-silver project was recently selected for BHP’s 2025 Xplor program. This will see equity-free funding of up to $US500,000 provided to Firetail for accelerated exploration activities.
Firetail is generating multiple drill-ready targets at Picha. Through Xplor, the company will be supported by in-kind services, mentorship, and networking opportunities from BHP and other industry experts and investors.
To monetise the balance of its Australian portfolio, Firetail continues to evaluate its opportunities.
“We have prepared data rooms for the Paterson copper-gold-uranium project and Mt Slopeaway nickel-cobalt projects and discussions are progressing with interested parties,” Poole said.
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