Mandrake Resources Limited (ASX: MAN) has increased its Bureau of Land Management (BLM) acreage by 31%, securing a total of 62,745 acres (approximately 254sq. km) of lithium brine prospective ground in the Paradox Basin, in Utah.
Highlights
• Mandrake has further increased its acreage at the wholly-owned large-scale Utah Lithium Project in the prolific ‘lithium four corners’ Paradox Basin southeast Utah, USA
• Mandrake has now secured 62,745 acres (~254sq. km) of prime lithium ground with staking ongoing – targeting further highly prospective areas
• Lithium Exploration Target expected to be released in Q2 2023
• Finalizing of well-access agreements and preparations for lithium-brine sampling activities underway
• Mandrake fully funded – $19M
The lithium brine land tenure comprises:
1. 34,670 acres of leases pursuant to an Other Business Agreement (OBA) with the Utah School and Institutional Trust Lands Administration (SITLA), the organization which manages the Utah State Government’s trust lands and mineral rights.
2. Over 1,400 BLM claims which totals 28,075 acres.
Staking of priority lithium areas is ongoing.
Mandrake is well advanced in its preparation for field activities to facilitate sampling at the Utah Lithium Project.
A JORC-compliant Lithium Exploration Target for the Utah Lithium Project is expected to be released in Q2 2023.
“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.
Mandrake’s lithium land position has now expanded to 62,745 acres and will continue to grow,” Managing Director, James Allchurch, said.
“A JORC-compliant Exploration Target is expected in Q2 2023 which will assist in communicating to the market the scale of the Utah Lithium Project. In parallel with this, preparations are advanced for field activities to commence in the short term.”
For further information please visit: https://www.mandrakeresources.com.au/
