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A Canadian lithium company has commenced due diligence for its farm-into Macarthur Minerals (TSXV:MMS) lithium acreage at Ravensthorpe, Western Australia. Under the terms of the farm-in, the Canadian company is required to expend a minimum of A$2 million to earn a 51% interest in the lithium acreage at Ravensthorpe.
A Canadian lithium company has commenced due diligence for its farm-into Macarthur Minerals (TSXV:MMS) lithium acreage at Ravensthorpe, Western Australia. Under the terms of the farm-in, the Canadian company is required to expend a minimum of A$2 million to earn a 51% interest in the lithium acreage at Ravensthorpe. The farm-in only relates to five percent (91 km 2 ) of Macarthur Minerals’ total Western Australia lithium acreage of 1,678 square kilometres.
David Taplin, President, CEO and Director of Macarthur commented:
“Macarthur Minerals is excited that the Canadian lithium company has commenced its due diligence for its farm-into Macarthur’s Ravensthorpe acreage. Macarthur’s acreage is in the vicinity of a recent lithium mineralisation discovery by another Australian lithium company for which pegmatite samples included assays up to 4.1% Li 2 O.”
HIGH GRADE LITHIUM OF ADJACENT PROJECTS
As indicated in Figure 1, Macarthur Minerals’ Exploration Licence Application E74/587 is immediately adjacent to Australian Securities Exchange (“ASX”) listed Lithium Australia NL’s (“LIA”) Horseshoe, Phillips South and Deep Purple Prospects. LIA has announced the presence of lithium bearing pegmatites for Phillips South and Horseshoe from which rock chips have been taken with assays ranging between 2.4% Li 2 O and up to 4.1% Li 2 O. 1
The Ravensthorpe acreage, at its closest point, is approximately 7 kilometres from ASX listed Galaxy Resources Limited’s and General Mining Corporation Limited’s Mount Cattlin Lithium Project, which is currently mining and processing spodumene and tantalum concentrate.
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