Join our daily newsletter At The Bell to receive exclusive market insights
- Mandrake (MAN) secures a “large-scale” lithium project in the Paradox Basin in Utah, US
- The company says the 226 sqkm area lies in a region that contains “significant” concentrations of lithium, boron, potassium salts and other elements
- Mandrake plans to compile existing geological and petrophysical data to generate a lithium exploration target in the short term and work towards a resource estimate in the second half of the year
- The company says the US government “aggressively” promotes domestic critical minerals exploration through various funding and grants schemes
- Mandrake shares are up 11.32 per cent and trading at 5.9 cents at 3:18 pm AEDT
Mandrake Resources (MAN) has secured a “large-scale” lithium project in the Paradox Basin in Utah, US.
The company has been granted a 226 sqkm area in a region it said contained “significant” concentrations of lithium, boron, potassium salts and other elements.
Mandrake plans to compile existing geological and petrophysical data to generate a lithium exploration target in the short term and work towards a maiden resource estimate in the second half of this year
“Utah is among the most mining- and investment-friendly jurisdictions in the US, with the state government heavily involved in aiding Utah-based projects to play a role in the global energy transition from fossil fuels to renewable energy,” Mandrage Managing Director James Allchurch said.
As Mandrake works to get exploration underway in the new area, ASX-listed lithium developer Galan Lithium (GLN) will provide technical support and an investment of $1.5 million in return for a five per cent stake in Mandrake.
The Paradox Basin lies in south-eastern Utah and has been historically documented to contain significant concentrations of strategic and critical minerals.
Mandrake shares were up 11.32 per cent and trading at 5.9 cents at 3:18 pm AEDT.
