Rapid Lithium Limited (ASX:RLL) Acquires Two Silver Projects in NSW
Acquisition Details
Rapid Lithium Limited (Rapid) (ASX: RLL) has entered into a Share Purchase Agreement with Silver Metal Group Limited (SMG) to acquire all shares in two SMG subsidiaries: Conrad Resources Pty Ltd and Webbs Resources Pty Ltd. The total consideration for the transaction is A$6.50 million, comprising both cash and shares.
Project Highlights
Upon completion, Rapid will own 100% of the Conrad and Webbs Silver Projects located in NSW’s New England Fold Belt. Combined, these projects hold approximately 34.9 million silver equivalent ounces of high-grade silver assets. The Webbs Silver Project has a JORC 2012 Mineral Resources Estimate of 2.2Mt at 205 g/t AgEq, containing 14.2 Moz AgEq. The Conrad Silver Project boasts 3.33Mt at 193 g/t AgEq, translating to 20.72 Moz AgEq.
Both projects have historic production and substantial mineral resources. The Webbs project was a high-grade silver mine, producing 55,000t at 710 g/t silver historically. The Conrad project was the largest silver project in NSW’s New England Fold Belt, with historic production of 3.5 Moz silver and significant co-products of lead, zinc, copper, and tin. There is significant potential for resource expansion through modern exploration techniques.
Management Comments
Commenting on the acquisition, Martin Holland, Managing Director of Rapid Lithium, stated, “We are very pleased to acquire these high-grade silver assets in a strong silver market. We believe there is an exciting opportunity to rapidly unlock the potential of these assets using modern exploration and expanding the resources. These are exciting times to be adding assets of this quality to our portfolio of critical minerals.”
Future Plans
Rapid plans to implement exploration programs at the Webbs Silver Project to expand and upgrade the existing JORC Mineral Resource Estimate. Targeted geophysics, drilling, and metallurgical studies are set to commence in June 2025. The company is also adding to its portfolio of critical minerals, leveraging the current strong silver market.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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