The company has entered a term sheet with Angelo Levissianos to acquire a granted mining lease and two exploration tenements in the state’s Mid-West.
This package covers the Mt Edon Felsic pegmatite suite and Wydgee Greenstone belt pegmatites near Paynes Find.
Aligns with battery minerals focus
MRC executive chairman Mark Caruso said: “The company continues to build a portfolio of advanced stage exploration and near-term production assets in the battery minerals sector that are focused in Tier 1 jurisdictions.”
The acquisition aligns with the company’s focus on battery minerals, which includes development of the Munglinup Graphite Project near Esperance and Yandeyarra Lithium Project near Port Hedland.
Historical tantalum production
There are known lithium-tantalum rich pegmatites on the mining lease, which historically produced tantalum.
Historical lithium grades of up to 2.2% lithium have been found on the Mt Edon tenement package that hosts numerous lithium-caesium-tantalum pegmatites with lithium-rich zones.
Numerous pegmatites found in the area contain concentrations of tantalum, rubidium and caesium, which are indicative elements for well fractioned lithium rich (LCT) pegmatites.
Accessory minerals including beryl (aquamarine) have also been found in the area, as well as coarse green muscovite – a strong indicator of fertile granitic parent rocks.
The company’s immediate exploration strategy is to identify albite spodumene-rich zones and verify the occurrence of anomalous lithium within the targeted zones.
An extension of the Mt Edon LCT pegmatites towards the south in to one of the exploration licence areas will also be investigated.
A new phase of field mapping and sampling is planned for early 2019, with a follow-up drill program set for the second quarter of 2019.
The miner has negotiated the right to earn a 90% interest in exchange for cash consideration of $45,000.
This will include all exploration work such as the drilling of up to eight holes within a two-year period.
Levissianos will retain a 10% free carried interest until a decision to mine or may elect to convert to a 2% net smelter royalty.
- Jessica Cummins