ASX-listed Liontown Resources has elected to progress to the Stage 1 earn-in phase of the farm-in arrangement at fellow-listed Olympio Metals’ Mulwarrie project.
The Mulwarrie joint venture project is in the prolific Goldfields region of Western Australia, about 120 km from Kalgoorlie.
Liontown has decided to progress the farm-in agreement following the return of promising results from the soil sampling programme, says Olympio MD Sean Delaney.
“Olympio still retains significant exposure to any discovery success, as the company has the ability to contribute to funding and remain at 49% once the Stage 1 farm-in is completed,” he says.
Liontown can earn a 51% interest in the Mulwarrie and Mulline projects by spending A$400 000 on exploration over a period of 12 months. At the completion of the Stage 1 farm-in, Liontown will have earned the right to 51% equity in the projects.
Liontown collected 1 201 samples at the Mulline and Mulwarrie prospects between June and October. The Mulwarrie and Mulline prospects are considered to be prospective for lithium-cesium-tantalum pegmatite mineralisation, with lithium mineralisation identified in the region.