Adelayde Exploration (CSE:ADDY) and Cruz Exploration (CSE:CRUZ) have entered into a joint venture agreement with Sienna Resources (TSX-V:SIEN) to explore the deep basin lithium brine potential in Nevada, US.
The area comprises 115 mineral claims covering 2,300 acres in the Clayton Valley, Nevada.
As part of the JV deal, all companies have agreed to share the costs, expenses, liabilities and benefits of the joint exploration and development of the mineral claims.
All of the companies agree to work and collaborate together to advance exploration and development of the project. If the companies unanimously agree on any exploration and development programs, each company will contribute one-third of the cost.
Following creating the JV by signing this agreement, the companies may elect to further develop and memorialise the terms of the deal by entering into a definitive agreement and structuring the JV through a special purpose vehicle and transferring ownership of the mineral claims to the JV entity.
Cruz Battery Metals CEO James Nelson says this is an opportune time to not only proceed with producing a maiden resource on the Solar Lithium Project in Nevada, but to enter this JV agreement to test the deepest parts of Clayton Valley.
“To be able to merge our projects into one large block prospective for lithium brine discovery in Clayton Valley, Nevada, and share in the costs and benefits of such exploration, makes a lot of sense for our shareholders,” Nelson says.
“Lithium prices are currently at two-year highs and are now up well over 150% since June 2025, according to Trading Economics. The company is very optimistic about the growth prospects for the remainder of 2026 and beyond as we become more active than we’ve been in years.”
Nelson adds the main reason for forming the JV was to create one large block in the centre of the Clayton Valley lithium brine basin to formulate a drill program to test the deepest part.
Adelayde Exploration is a lithium-focused explorer with assets in the US and Canada.
Cruz Battery Metals is also a lithium-focused explorer with a portfolio of projects located in the US.
Sienna Resources is an explorer and developer focused on high-grade deposits in politically stable, environmentally responsible, and ethical mining jurisdictions.
Write to Aaliyah Rogan at Mining.com.au
Images: Unsplash
