Keras Resources awarded five exploration licences in Togo

Keras Resources has been awarded five exploration licences, covering 854.3 sq km of ground in Togo that included previously discovered cobalt and nickel mineralisation.

The grant of these licences followed applications made to Ministry of Mines and Energy of Togo as announced on 30 March 2017, the company said.

Managing Director Dave Reeves said the granting of these licences marked a significant step in delivering upon Keras' strategy to build a portfolio of assets that would enable it to target the burgeoning battery market.

"Whilst lithium has gained much attention during the past 18 months, we believe there is a significant gap in the supply of metals such as cobalt, nickel and manganese, which is currently not being addressed," said Reeves.

"Indeed, a substantial shortfall in mined and refined cobalt is expected before 2020 unless additional capacity is brought online."

He said, with known cobalt and nickel mineralisation outcropping at surface, he believed these new licences represented a significant opportunity for Keras.

"Initial mapping, sampling and trenching alongside historical data compilation is due to commence immediately in order to better prove up the exploration potential.

"We expect the results from this will then enable us to better define our future plans. I look forward to keeping shareholders updated with these initiatives in due course."

At 10:33 BST, shares in AIM-traded Keras were flat at 0.4p each.