Scorpion Minerals Limited (ASX: SCN), the global industry leader in lithium-ion batteries, has signed a Memorandum of Understanding (MOU) with Sunwoda Electronic Co. Ltd., to advance discussions for potential investment, off-take agreements, and development opportunities.
Scorpion’s CEO, Michael Fotios, commented, “We are delighted with Sunwoda’s interest to potentially fast-track Youanmi development and support our comprehensive strategy of unlocking value for shareholders. Having sound interest from a company such as Sunwoda validates the tremendous opportunity and upside that sits within Scorpion’s asset base.”
The Youanmi project covers an area of 177km2 and is located 450km northeast of Perth in the Murchison Mineral field. The project sits at the northern end of a 20km long corridor of lithium, caesium, and tantalum (LCT) pegmatite intrusions that have delivered significant results for other explorers at the southern end of the trend.
Initial field reconnaissance work competed by Scorpion confirmed extensive LCT pegmatite swarms. Individual pegmatites are up to 1000m long and surface exposures suggest widths from 5m to 15m wide. Recent drilling confirmed high-grade lithium mineralization up to 2.84% Li2O, intersected in stacked LCT pegmatites.
Additionally, Scorpion and its strategic adviser, Airguide Advisors Pte Ltd, recently met to discuss the fast-tracking of Youanmi. Scorpion’s executive team are well known to key Chinese lithium industry participants.
As part of this process, the company has extended invitations to Sunwoda to visit its operations in Australia for formal discussions, and to facilitate a prospective deal to unlock the potential of the lithium project.
Scorpion and Sunwoda will now progress with further meetings with an aim to formalize an investment proposition.
To find out more, please visit www.scorpionminerals.com.au
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