With an extra $450,000 in the bank following the sale of its partial ownership in junior exploration company Currie Rose Resources, Accelerate Resources Ltd (ASX:AX8) can now focus on fast tracking and extending the upcoming high impact resource and discovery drilling campaign at its Woodie Woodie North Manganese Project in WA’s Pilbara region.
AX8 sold its 8,333,334 CUI shares on April 13.
In February, Accelerate identified a regional-size mineralised manganese corridor at Woodie Woodie, which it believes represents extensive and persistently mineralised trends, with geology analogous to high-grade mineralisation identified in the tenure’s Area 42 zone.
Just this month, AX8 achieved 99.9% high purity manganese sulphate monohydrate (HPMSM) crystals produced in initial leach and purification tests at its Woodie Woodie.
Shares soar
The news sent its share price 99.9% higher on the day.
Accelerate is pursuing a critical minerals strategy which seeks higher-value products that deliver superior returns.
Woodie Woodie is critical to the strategy which complements and runs parallel to AX8’s development of direct shipping ore (DSO) products for the steel industry.
Notably, the company has already signed a binding heads of agreement with US-based RedoxBlox Inc to explore the potential supply of manganese products from Woodie Woodie for the commercialisation and deployment of RedoxBlox advanced thermochemical energy storage technology.