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- Eastern Resources (EFE) forms a new joint venture (JV) company with Yongxing Special Materials Australia (YMSA) to pursue lepidolite lithium opportunities in Australia
- The JV company, EFE Yongxing, will carry out any works related to pre-acquisition of the projects in line with a strategic partnership outlined in May
- Eastern Resources will be able to increase its focus not only on lepidolite projects, but also on lithium projects with both lepidolite and spodumene potential
- The company says it will explore for lepidolite and spodumene in the existing Trigg Hill lithium tantalum project and Taylor Lookout lithium tantalum project
- Shares in Eastern Resources were up 8 per cent to 2.7 cents as of 10:10 am AEST
Eastern Resources (EFE) has formed a new joint venture (JV) company with Yongxing Special Materials Australia (YMSA) to pursue lepidolite lithium opportunities in Australia.
YMSA is a subsidiary of Yongxing Special Materials Technology and has a 40 per cent interest in EFE Yongxing by contributing $900,000 while Eastern Resources has 60 per cent, contributing $100,000.
The JV company, EFE Yongxing, will carry out any works related to pre-acquisition of the projects, consistent with the parties’ objectives as set out in the strategic partnership with Yongxing.
Through the JV company, Eastern Resources can increase its focus not only on lepidolite projects, but also on lithium projects with both lepidolite and spodumene potential.
Eastern Resources said it will explore for lepidolite and spodumene in the existing Trigg Hill lithium tantalum project and Taylor Lookout lithium tantalum project.
Assay results from initial exploration programs at the Trigg Hill Project are expected to be received and released before the end of the month and will focus ongoing exploration programmes at this project area.
Both companies through the JV company said it will actively seek lepidolite opportunities from exploration stage through to projects with established resources.
It will also investigate any potential opportunities regarding producing lepidolite concentrates by cooperating with operating lithium mines and lithium projects in advanced stage.
Shares in Eastern Resources were up 8 per cent to 2.7 cents as of 10:10 am AEST.
