Javelin Minerals recently signed a strategic takeover bid implementation agreement with Gecko Minerals, a move that is expected to change Uganda’s lithium exploration and production efforts.
The directors of Gecko have unanimously endorsed this tactical move and strongly urge its shareholders to embrace this game-changing transaction. This strategic alliance should provide new opportunities for Uganda’s lithium potential.
Javelin Minerals is ready to acquire two excellent lithium mines in the center of Africa through this tactical takeover. With one active exploration license and three pending exploration license applications in Uganda, Gecko Minerals Uganda, in which Gecko has a sizeable 60 percent ownership, has a wealth of exploration potential.
Among these intriguing ideas, the Ntungamo project includes two exploration license applications and an exploration license covering a wide 60 square kilometer region.
Notably, the Ntungamo property is located near a former open-cut beryllium and tantalite mine that has mostly been untapped for lithium up until this point. Large amblygonite stones found in garbage piles were recently sampled, and the results showed tempting tests of up to 7.68 percent lithium oxide.
A historic open-cut tantalite mine is located within the enormous 240 square kilometer Mityana complex.
This project, albeit not a part of the transaction, recently produced outstanding samples from heavily worn pegmatite tailings and sizable amblygonite stones in trash heaps, with tests of up to 8.13 percent lithium oxide.
Matthew Blake, executive director of Javelin Minerals, expressed considerable delight for this historic chance. He said, “As a lithium exploration and potential lithium producer, this is a significant opportunity for Javelin. The plentiful tin and coltan mining in Uganda has historically overshadowed the country’s lithium potential, although the same granitic and pegmatitic host rocks may contain significant economic amounts of lithium minerals like spodumene, lepidolite, and amblygonite.
Two of Gecko Uganda’s three exploration license applications are expected to receive provisional permission, and the third one is anticipated to follow suit within the coming week.
The Ntungamo project shows great promise and is conveniently situated just 20 kilometers from the municipality of the same name and around 300 kilometers southwest of Kampala, the capital of Uganda.
Similar to this, the Mityana project has received little attention despite being close to Kampala. The ancient tantalite mine’s pegmatite extensions may reach the Mityana license, and Gecko Uganda is still confident in this notion. To test it, a lithium-focused exploration program is already in the works.
Investors’ trust in Javelin Minerals’ strategic vision is demonstrated by the fact that the business has received firm commitments totaling $2 million through a share placement that was split into two tranches.
First-tranche shares total 1,418,122,916 at a $0.0004 issue price, raising $567,249 while staying under the company’s 15 percent placement limit.
The second tranche raises a sizeable $1,432,757 and consists of 3,581,877,084 shares and 3,581,877,084 attached options exercisable at $0.001.
With a solid financial foundation of around $2 million and two promising African prospects on the horizon as a result of this strategic takeover, Javelin Minerals is ready to hit the target in this exciting enterprise and make big advancements in Uganda’s developing lithium landscape.
