SensOre teaming up with pre-IPO LithGold Minerals at WA Gecko North lithium play

Following the detection of a lithium exploration target at a tenement in WA using its AI tech, SensOre (ASX:S3N) is teaming up with privately held rightsholder LithGold Minerals to develop EL15/1587.

SensOre and LithGold have executed a deal that sees SensOre agree to the following: 

• SensOre will spend $2.5m over 4 years [developing LithGold’s tenement] for a 51% interest in non-precious mineral rights 

• SensOre retains an “opportunity” to earn up to 80% by completing a bankable feasibility study (minimum spend of $270,000 over 18 months) 

• SensOre will issue LithGold $50,000 worth of shares on successful completion to 80% 

These subjects and terms remain subject to the company confirming lithium is present on site. 

LithGold is in its pre-IPO stage, SensOre notes, and is based in Perth. Its acreage is called Gecko North; LithGold’s founder is Perth-based Tanvanth Singh Sandhu. 

Meeka Metals (ASX:MEK) retains a 1.5% royalty over the acreage, too.

Two factor authentication 

SensOre notes “LithGold has identified a coherent lithium and associated element target” (read: tantalum and tin). 

That target was located in geochemical tests done on ultrafine soil samples. 

SensOre’s AI, being unleashed on the same patch of land where LithGold found its geochem results, generated a target all on its own, right nearby.

Combining AI and a human eye 

Company technicians are taking this as a sign of the software’s ability to assess lithium targets on its own. 

“The Gecko North Project demonstrates the combination of AI target generation and conventional exploration techniques coming together,” SensOre CEO Ricahrd Taylor said. 

“It demonstrates our novel approach to project generation bringing together international funding for battery minerals with world class exploration expertise with our partners in LithGold.” 

“Importantly, this approach gives SensOre shareholders the opportunity to benefit from the technology with exposure to any major discovery.”

LithGold chief Kevin Schultz is on the same page. 

“The agreement allows LithGold to partner with an exciting mining technology group and to focus on our portfolio of projects while retaining the precious metal rights over the Gecko North Project which first attracted us to the area,” Schultz said. 

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Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. SensOre was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.