Bradda Head Lithium Ltd Announces Claim Exchange Completed at Wikieup

Rhea-AI Summary

Bradda Head Lithium Ltd finalizes land exchange at Wikieup clay project in Western Arizona, retaining 66 new claims while transferring 55 claims to Arizona Lithium's subsidiary. The exchange aims to avoid litigation and disruption of exploration activities, enhancing Bradda's exposure to high-quality lithium-in-clay targets.

Claim Exchange Completed at Wikieup

BRITISH VIRGIN ISLANDS / ACCESSWIRE / February 28, 2024 / Bradda Head Lithium Ltd (AIM:BHL)(TSX-V:BHLI), the North America-focused lithium development group, announces finalisation of the land exchange over the unpatented lode claims at the Wikieup clay project in Western Arizona as initially notified by the Company on 1 March 2023. This exchange is mutually beneficial to both parties avoiding litigation and disruption of exploration activities on highly perspective clay-hosted claims. As such, Bradda Head will retain 66 new claims equating to 1,302 acres (5.27 km²), which the Company staked in early 2019, and held in its subsidiary Zenolith (USA) LLC. In turn, Bradda has transferred 55 unpatented lode claims to Arizona Lithium's subsidiary, Big Sandy Inc., to the amount of roughly 1,136 acres (4.60 km²), per the terms of this settlement. This transaction is now legally binding pursuant to the Company's announcement on 1 March 2023 ('Settlement of Claim Dispute with Arizona Lithium'), and the exchange of claims has been completed by mutual agreement and all legal documents have been filed with both the BLM and respective county in Arizona to cement the transaction.

This final exchange furthers Bradda's exposure to high-quality lithium-in-clay targets (proximal at < 1.0km to Arizona Lithium's Big Sandy clay discovery) and further enhances the Company's portfolio of this high-quality project. The new ground will, in due course, be explored with geological mapping and surface sampling for opportunities, developing priority drill targets potentially for later in year.

Ian Stalker, Executive Chair, commented:

"We thank Arizona Lithium and the countless hours of time undertaken to settle this matter without litigation and allow both companies to proceed with unobstructed exploration on their respective claim groups. This is new ground that has significant upside potential within the large, lithium-bearing clay-rich lacustrine basin and Bradda plans to capitalise on the finalisation of this settlement with renewed surface exploration."

For further information please visit the Company's website: www.braddaheadltd.com.

Qualified Person (BHL)

Joey Wilkins, B.Sc., P.Geo., is Chief Operating Officer at BHL and the Qualified Person who reviewed and approved the technical disclosures in this news release. Mr. Wilkins is a graduate of the University of Arizona with a B.Sc. in Geology with more than 38 years of experience in mineral exploration and is a qualified person under the AIM Rules and a Qualified Person as defined under NI-43-101. Mr. Wilkins consents to the inclusion of the technical information in this release and context in which it appears.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

ENDS

Contact:

Bradda Head Lithium Limited	+44 (0) 1624 639 396
Ian Stalker, Executive Chairman Denham Eke, Finance Director
Beaumont Cornish (Nomad)	+44 (0) 2076 283 396
James Biddle / Roland Cornish
Panmure Gordon (Joint Broker)	+44 (0) 2078 862 500
Hugh Rich
Shard Capital (Joint Broker)	+44 (0) 2071 869 927
Damon Heath / Isabella Pierre
Red Cloud (North American Broker)	+1 416 803 3562
Joe Fars
Tavistock (Financial PR)	+ 44 20 7920 3150
Nick Elwes / Adam Baynes	braddahead@tavistock.co.uk

About Bradda Head Lithium Ltd.

Bradda Head Lithium Ltd. is a North America-focused lithium development group. The Company currently has interests in a variety of projects, the most advanced of which are in Central and Western Arizona: The Basin Project (Basin East Project, and the Basin West Project) and the Wikieup Project.

The Basin East Project has an Indicated Mineral Resource of 17 Mt at an average grade of 940 ppm Li and 3.4% K for a total of 85 kt LCE and an Inferred Mineral Resource of 210 Mt at an average grade of 900 ppm Li and 2.8% K (potassium) for a total of 1.09 Mt LCE. In the rest of the Basin Project SRK has determined an Exploration Target of 250 to 830 Mt of material grading between 750 to 900 ppm Li, which is equivalent to a range of between 1 to 4 Mt contained LCE. The Group intends to continue to develop its three phase one projects in Arizona, whilst endeavouring to unlock value at its other prospective pegmatite and brine assets in Arizona, Nevada, and Pennsylvania. All of Bradda Head's licences are held on a 100% equity basis and are in close proximity to the required infrastructure. Bradda Head is quoted on the AIM of the London Stock Exchange with the ticker of BHL and on the TSX Venture Exchange with a ticker of BHLI.

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "intends to", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, following: The Company's objectives, goals, or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; delays in obtaining or failures to obtain required regulatory, governmental, environmental or other project approvals; political risks; future operating and capital costs, timelines, permit timelines, the market and future price of and demand for lithium, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices; delays in the development of projects, capital and operating costs varying significantly from estimates; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDARplus. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Bradda Head Lithium Limited

View the original press release on accesswire.com

FAQ

What is the significance of the land exchange at Wikieup clay project for Bradda Head Lithium Ltd (BHLIF)?

The land exchange allows Bradda Head Lithium Ltd to retain 66 new claims while transferring 55 claims to Arizona Lithium's subsidiary, enhancing their exposure to high-quality lithium-in-clay targets.

Who is the Qualified Person at BHLIF responsible for reviewing and approving the technical disclosures in the news release?

Joey Wilkins, B.Sc., P.Geo., Chief Operating Officer at BHLIF, is the Qualified Person responsible for reviewing and approving the technical disclosures in the news release.

What action has Bradda Head Lithium Ltd taken to settle the claim dispute with Arizona Lithium?

Bradda Head Lithium Ltd has finalized the land exchange over the unpatented lode claims at the Wikieup clay project, transferring 55 claims to Arizona Lithium's subsidiary as part of the settlement.

What is the total acreage retained by Bradda Head Lithium Ltd in the land exchange at Wikieup clay project?

Bradda Head Lithium Ltd retained 66 new claims equating to 1,302 acres (5.27 km2) in the land exchange at the Wikieup clay project.

How does Bradda Head Lithium Ltd plan to capitalize on the finalization of the settlement with Arizona Lithium?

Bradda Head Lithium Ltd plans to conduct geological mapping and surface sampling on the new ground acquired in the land exchange for potential drilling opportunities later in the year.