REG - Bradda Head Lithium - Settlement of Claim Dispute with Arizona Lithium

Bradda Head LithiumAnnouncement

01/03/2023 07:00

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RNS Number : 4745R  Bradda Head Lithium Ltd  01 March 2023

01 March 2023

Bradda Head Lithium Ltd

("Bradda Head", "Bradda", "BHL" or the "Company")

Settlement of Claim Dispute with Arizona Lithium

 

Bradda Head Lithium Ltd (AIM:BHL, TSXV:BHLI, OTCQB:BHLIF) ("Bradda Head" or
"BHL" or "The Company") the North America-focused lithium development group
wishes to announce that mediation initiated by Bradda Head in 2021 (and as
disclosed in the Company's AIM Admission Document, which can be located on the
Company's website at www.braddaheadltd.com (http://www.braddaheadltd.com) ,
and in the Company's Listing Application for purposes of its listing on the
TSX Venture Exchange, which can be located on the Company's profile on
www.sedar.com) has concluded and resulted in execution of a final binding
confidential settlement agreement and mutual release (the "Settlement
Agreement") concerning a dispute regarding certain federal unpatented mining
claims located in Mohave County, Arizona (U.S.A.) with Arizona Lithium Limited
(ASX: AZL, AZLOA, OTC: AZLAF) ("Arizona Lithium", "AZL"), formerly Hawkstone
Mining Limited.

 

Pursuant to the Settlement Agreement, Bradda Head and Arizona Lithium have
reached a mutually agreeable claim exchange in lieu of litigation or further
dispute resolution proceedings, which will enable both parties to proceed with
the development of each of their respective lithium projects in the area.

The key terms of the Settlement Agreement are:

(a)         subject to certain amendments to address any claim overlaps
and in accordance with the terms of the Settlement Agreement, Arizona Lithium
will cause its subsidiary Big Sandy Inc. to transfer 66 federal lode
unpatented mining claims to BHL;

 

(b)         subject to certain amendments to address any claim overlaps
and in accordance with the terms of the Settlement Agreement, Bradda Head will
cause its subsidiary Verde Grande LLC to transfer 55 federal lode unpatented
mining claims to AZL;

(c)         each of AZL and BHL have agreed to make commercially
reasonable efforts to coordinate reasonable access across each parties
retained claims. If long-term access is required for development, the parties
will negotiate commercially reasonable terms for access on and through each
other's retained claims so each has the continuing unimpeded right to conduct
exploration, development, mining and/or processing activities on their
respective claims; and

 

(d)          neither party will intentionally or knowingly overstake
lands owned by the other for as long as the other continues to own an interest
in the lands the subject of the Settlement Agreement.

 

The Settlement Agreement also provides for standard mutual releases and no
admissions of liability.

 

The Company confirms that the transfer of the 55 claims to AZL will not have
any material effect on the development of the Company's Wikieup lithium
project.

 

This announcement has been authorised by the Board of Bradda Head Lithium
Limited.

 

For further information please visit the Company's website:
www.braddaheadltd.com (http://www.braddaheadltd.com)

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.

 

Contact:

 Bradda Head Lithium Limited        +44 (0) 1624 639 396
 Charlie FitzRoy, CEO

 Denham Eke, Finance Director

 Beaumont Cornish (Nomad)           +44 20 7628 3396

 James Biddle/Roland Cornish

 Peterhouse (Joint Broker)          +44 207 469 0930
 Charles Goodfellow

 Duncan Vasey

 Lucy Williams

 Shard Capital (Joint Broker)       +44 207 186 9927
 Damon Heath

 Isabella Pierre

 Red Cloud (North American Broker)  +1 416 803 3562
 Joe Fars

 Tavistock (PR)                     + 44 20 7920 3150
 Nick Elwes                         braddahead@tavistock.co.uk

 Oliver Lamb

 Adam Baynes

 

 

Notes to Editors

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.

 

As previously announced in press release on 16 January 2023, the Basin East
Project has an Indicated Mineral Resource of 21.2 Mt at an average grade of
891 ppm Li and 3.5% K for a total of 100 kt LCE and an Inferred Mineral
Resource of 73.3 Mt at an average grade of 694 ppm Li and 3.2% K for a total
of 271 kt LCE. In the rest of the Basin Project SRK has estimated an
Exploration Target of between 300 to 1,300 Mt of material grading between 600
to 850 ppm Li which is equivalent to a range of between 1 to 6 Mt 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, on the TSX Ventures exchange with a ticker of BHLI, and on the US
OTCQB market with a ticker of BHLIF.

 

Competent Person SRK

The Mineral Resource statement for the Basin Project was authored by Martin
Pittuck, CEng, MIMMM, FGS who works for SRK Consulting (UK) Ltd, an
independent mining consultancy. Mr. Pittuck has over 25 years' experience
undertaking and reviewing Mineral Resource estimates and has worked on lithium
clay estimates for over 5 years. Mr. Pittuck consents to the inclusion of the
technical information in this press release and context in which they
appear.

Reference is made to the report entitled "Independent technical report on the
Basin and Wikieup Lithium clay projects, Arizona, USA" dated October 18, 2022
with an effective date of June 10, 2022  was prepared by Martin Pittuck,
CEng, MIMMM, FGS, and Kirsty Reynolds MSci, PhD, FGS and reviewed by Nick Fox
MSc, ACA, MIMMM. The Report is available for review on SEDAR (www.sedar.com)
and the Company's website www.braddaheadltd.com.

 

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", "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 SEDAR. 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.

 

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