Australian mineral exploration company Tyranna Resources has signed an agreement to acquire the Goodsprings cobalt and base metals project in Nevada, US.

The acquisition is in line with Tyranna’s diversification strategy, aimed at capitalising on the growing demand for battery minerals.

It comes after the company entered into an option agreement to buy Goodsprings project owner US Cobalt in March.

Tyranna Resources managing director Bruno Seneque said: “Historical mining results suggest that this area holds some of the highest grade cobalt mines that can be found in the district.

“In the 1920’s, the mines in this area produced approximately 20t of cobalt-rich ore from copper mining and historical grades were reported between 6% and 29%.”

“Historical mining results suggest that this area holds some of the highest grade cobalt mines that can be found in the district.”

Seneque noted that modern mining techniques have not been used at the project until now.

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He added: “The acquisition of US Cobalt adds Goodsprings cobalt and base metals project as another high-value asset to Tyranna’s project portfolio and enhances our value as a diversified resources exploration and development company.”

The Goodsprings project has 329 mining claims covering 6,580 acres.

Tyranna has already paid $100,000 for the exclusive option agreement and under the terms of the latest agreement, it will issue 141.17m ordinary shares at the deemed price of $0.017.

The company will also respectively issue ten million and 20 million options to its strategic and technical advisers exploration consultant Greg Smith and US Cobalt director Paul Lloyd.

The completion of the transaction is conditional on shareholder approval.