Aterian confirms lithium intercepts in Rwanda; Rio Tinto increases project stake
London-listed critical minerals developer Aterian has reported positive results from an initial drilling campaign undertaken on the HCK project, in Rwanda.
The company, together with joint venture (JV) partner Rio Tinto Mining and Exploration, has so far completed diamond drilling across two targets,HCK-1 and HCK-2, with a total 1 180 m having been drilled from four holes.
These two targets form part of 12 defined prospect areas on HCK.
A notable assay result from the initial drilling campaign includes 6.9 m of lithium oxide grading 2.11% from 174 m, with a higher-grade interval of 3.4 m of lithium oxide grading 3.2% from 174 m to 178 m down-hole.
Meanwhile, Rio Tinto announced that it would exercise its Stage 2 earn-in right under the JV agreement, which will result in Rio Tinto owning 51% of the HCK licence.
Rio Tinto may earn a further 24% and up to 75% by completing exploration worth $7.5-million on the project over three years.
Rio Tinto has spent $4.7-million on the project since August 2023.
Aterian CEO Simon Rollason says the company is pleased with the initial drill results and Rio Tinto’s exercising of its Stage 1 earn-in right.
The drilling has confirmed the presence of spodumene-bearing lithium pegmatite at HCK albeit at variable widths.
He adds that there is potential to identify less weathered areas where additional spodumene-bearing pegmatites may occur.
“While further work is required to fully assess the project’s scale and continuity, these early indications provide a strong foundation to build on as we advance exploration activity.
“This drill phase was considered scout or reconnaissance in its level of detail, testing only a limited strike length,” Rollason explains.
Aterian will receive a cash payment of $100 000 from Rio Tinto at the start of Stage 2 drilling, which is expected to be announced by the end of the year.
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