Bradda Head completes exchange of claims in Arizona

(Sharecast News) - Bradda Head Lithium announced on Wednesday that it has concluded a significant land exchange concerning the unpatented lode claims at its Wikieup clay project in Western Arizona, originally announced on 1 March 2023. The AIM-traded firm said the exchange, finalised through mutual agreement, aimed to prevent litigation and the disruption of exploration activities on promising clay-hosted claims.

Under the arrangement, Bradda Head would retain 66 newly-acquired claims spanning 1,302 acres, initially staked in early 2019 and held through its subsidiary Zenolith USA.

In return, Bradda Head transferred 55 unpatented lode claims, totalling about 1,136 acres, to Arizona Lithium's subsidiary Big Sandy, adhering to the terms outlined in the settlement announced on 1 March 2023.

The transaction, now legally binding, was completed with the filing of all necessary legal documents with both the Bureau of Land Management (BLM) and the respective county in Arizona.

By finalising the exchange, Bradda Head said it had enhanced its exposure to high-quality lithium-in-clay targets in close proximity to Arizona Lithium's Big Sandy clay discovery.

The ground would undergo geological mapping and surface sampling to identify potential opportunities, with the aim of developing priority drill targets possibly later in the year.

"We thank Arizona Lithium and the countless hours of time undertaken to settle this matter without litigation and allow both companies to proceed with unobstructed exploration on their respective claim groups," said executive chair Ian Stalker.

"This is new ground that has significant upside potential within the large, lithium-bearing clay-rich lacustrine basin and Bradda plans to capitalise on the finalisation of this settlement with renewed surface exploration."

At 1233 GMT, shares in Bradda Head Lithium were up 0.65% at 1.56p.

Reporting by Josh White for Sharecast.com.