- Mandrake Resources (MAN) increases the acreage at its Utah Lithium Project in the Paradox Basin by 50 per cent
- The Bureau of Land Management (BLM) acreage now covers 311 square kilometres of lithium brine prospective ground
- MAN holds $18.3 million capital and is well-funded to move forward with the increased project explorations
- A field visit has been completed to finalise well access and prepare for lithium-brine sampling
- MAN shares are up 7.32 per cent, trading at 4.4 cents at 12:30 am AEST
Mandrake Resources (MAN) has increased the acreage at its Utah Lithium Project in the Paradox Basin, southeast of Utah by 50 per cent.
Through ongoing staking activities, MAN has increased its Bureau of Land Management (BLM) acreage to 76,850 acres (311 square kilometres) of lithium brine prospective ground in the Paradox Basin.
The lithium brine land tenure comprises 34,670 acres of leases pursuant to an other business agreement (OBA) with Utah School and Institutional Trust Lands Administration (SITLA).
SITLA is responsible for managing the Utah State Government’s trust lands and mineral rights and currently holds over 2,100 BLM claims for the Paradox Basin, totalling 42,180 acres.
MAN Managing Director James Allchurch said the company would continue to increase explorations in the Utah Paradox Basin, known as the “lithium four corners”.
“At low cost, Mandrake is continuing to build a potentially world-class lithium project in the heart of the United States, which is currently going to extraordinary lengths to encourage and support domestic production of strategic and critical materials such as lithium,” MAN Managing Director James Allchurch said.
“Preparations are well underway for brine sampling activities to commence in the short term.”
The company said it was “fully funded” to move forward with increased project explorations, holding $18.3 million in capital.
MAN also said it was well advanced with the preparations needed to carry out further fieldwork to collect lithium samples.
A field visit has been completed to finalise well access and prepare for lithium-brine sampling.
MAN shares were up 7.32 per cent, trading at 4.4 cents at 10:30 am AEST.