Midwest Lithium Ltd aims to list on the ASX with a significant holding over the USA’s largest historical spodumene-producing district and has launched an initial public offer to raise up to $17 million.
The company is focused on advancing its projects in the Black Hills Pegmatite Field of South Dakota, comprising around 23,500 acres of land containing various historical lithium production mines, visible spodumene and multiple pegmatites.
Black Hills is one of the most impressive past-producing hard rock lithium jurisdictions worldwide, in the heart of the US, with many operating quarries, active large mining projects and active exploration sites.
Midwest is led by chairman Rodrigo Pasqua who was previously group head of mining for Evolution Mining Ltd (ASX:EVN) covering strategic planning, M&A, major projects and turnarounds on $100 million - $2 billion assets.
The company’s IPO is for a minimum of 52,000,000 shares and up to a maximum of 68,000,000 shares at an issue price of $0.25 per share to raise between $13 million and $17 million before costs.
The Black Hills of South Dakota benefits from established local infrastructure, extensive existing geological knowledge, historical drilling and past production records showing spodumene concentrate being produced for decades in the region using conventional methods.
Midwest is dedicated to establishing a company able to positively disrupt the future of the US industry by securing domestic lithium supply while delivering improvements to local communities and returns to its shareholders.
At the completion of the IPO, Midwest will be a well-funded vehicle with a strong management team and an exciting portfolio of projects.
The following is a summary of Midwest’s main projects in the Black Hills region of South Dakota:
Private land projects
- Mateen: one of the main producing mines historically
- Ingersoll : one of the main producing mines historically
- Old Mike Mica : mica producer; spodumene sighted
- Soda Spar: rock face covered with spodumene
- Tin Mountain: spodumene pegmatites surrounding one of the main producing mines historically
- Phelps East: new swarm of zoned pegmatites identified
- Ida/Da: geochemical anomaly and visible lithium minerals
- Tiger: new swarm of zoned pegmatites identified
- Etta/Hugo Ext: adjacent to the largest historical producer
The company has designed and is implementing a fast-paced exploration program, focusing on developing brownfield key priority target through drilling campaigns while maintaining a pipeline of additional targets to be developed and assessed.
Drilling is set to start this month in well-understood zones supported by existing geological data at depth and all initial targets have proven lithium mineralisation and historical production.
Midwest is currently undertaking exploration geology work preparing for its first drill program, which involves detailed channel sampling, mapping, geochemistry analysis and target generation.
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