Blenheim Natural Resources secures permits from government of Mali
Investment group Blenheim Natural Resources confirmed on Wednesday that Mali's ministry of mines had granted Nashwan Lithium, a wholly owned subsidiary of Nashwan Holdings in which it held a 30% interest, the Manianbala and Djidje exploration permits in the Bougouni region.
Blenheim's board believed the permits would be highly prospective for lithium as they were located along the same strike line as several other known discoveries to the south of Mali.
The group agreed to provide £100,000 in cash to fund prospecting and exploration work on the license.
Blenheim chairman Chris Ells, said, "This investment in Nashwan, in tandem with the 40% interest in Xantus Inc, which holds the Dieba and Nimissila licences, provides Blenheim with a highly significant and exciting strategic foothold in the rapidly developing West African lithium province of Southern Mali."
"The proximity to both Birimian and Kodal's licence packages, which have already yielded lithium discoveries, provides us with huge confidence in the licences' prospectivity," he added.
As of 1420 GMT, shares had grown 0.66% to 0.458p.