Marquee and MinRes joint force for a lithium hunt
PERTH (miningweekly.com) – ASX-listed Marquee Resources and fellow listed Mineral Resources (MinRes) will join forces to explore and develop lithium deposits at the West Spargoville project, in Western Australia.
Under the terms of the agreement, MinRes would have the right to acquire an initial 25% interest in the lithium rights at West Spargoville by funding all exploration and development activities, and completing a feasibility study for the project, including a Joint Ore Reserves Committee-compliant resource within 24 months.
MinRes will also fund at least A$1-million of exploration and development activities before the end of December, and A$500 000 to exercise the Fyfehill option.
Marquee, for its part, will be responsible for managing the implementation of the exploration and development activities on the tenement during the initial farm-in period.
If MinRes elects to proceed with the farm-in, the company could acquire an additional 26% interest in the lithium rights by funding the project until the development, construction and commissioning of a mine and related facilities.
MinRes will build, own and operate all plant, equipment and infrastructure for the mining operations, and will buy lithium-bearing ore from the joint venture for a mine gate sales price, which will be established on commercially competitive terms.
Reverse circulation drilling targeting lithium at the project area is currently under way.
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