SensOre to earn 80% interest in Gateway Mining’s Montague Lithium play

SensOre (ASX:S3N), a company that develops AI-powered exploration software as well as acting as a junior explorer itself, flagged its interest in Gateway Mining’s (ASX:GML) Montague gold-lithium project. 

By spending $4.5m in as many years, SensOre stands to earn an 80% interest in the project, which is prospective for both lithium and gold. 

Lithium and gold are two minerals SensOre has been diligently refining its software to identify in recent history. 

The company’s tech found a lithium target for the first time in September 2022.

SensOre letting its tech loose at Montague

Under the agreement, the company will deploy its AI-tech on select targets at Montague. 

“This is a fantastic opportunity for Gateway, allowing a specialist exploration group to bring their proprietary technology to potentially unlock the lithium potential of our tenements,” Gateway MD Mark Cossom said. 

“In the meantime, we will continue to get on with our expansive 2023 exploration campaign, as outlined recently, targeting step-change discoveries and resource growth opportunities within the 526koz Montague Gold Project.” 

Spending requirements 

SensOre will spend an initial $750,000 on drilling, which will make up part of a larger $1.5m payment to earn a 51% interest (“of selected tenements”) at Montague. This will hand SensOre a majority stake in the project, at least, over the tenements it stands to earn an interest in. 

SensOre must then spend another $3m (of which $1.5m must be drilling costs) to pick up the remaining 29% interest “in the lithium (and related by-product) rights within the selected tenements.” 

Gateway will “retain complete access to the tenements to continue core gold exploration.” 

Gateway also retains a right to earn-back 10% interest in the lithium tenements, the company is also free-carried to produce a bankable feasibility study.

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