Perth-based lithium explorer Mandrake Resources (ASX:MAN) has staked a total of 88,096 acres (about 356km-square) of Bureau of Land Management (BLM) owned land considered prospective for lithium brine at the Utah Lithium Project in the US.
The company reports the lithium brine land tenure comprises 34,670 acres of leases pursuant to another business agreement (OBA) with the Utah School and Institutional Trust Lands Administration (SITLA), and over 2,700 BLM claims. SITLA is an organisation which manages the Utah state government’s trust lands and mineral rights.
Despite the conclusion of broad, regional leasing activities, Mandrake reports it will continue to review the surrounding land position, targeting ‘attractive’ land parcels prospective for lithium to augment the existing project position. The company also notes it will largely shift its focus to preparing for field activities to facilitate sampling of historical oil and gas wells.
The company currently has $18.3 million cash at hand and no debt.
Commenting on the increased landholding, Mandrake Resources Managing Director, James Allchurch says: “Mandrake has now secured, at a very little cost, over 80,000 acres prospective for lithium brines in the Paradox Basin, Utah confirming the acquisition of a potentially world-class lithium project.
“Mandrake has already laid the preparatory foundations for an extensive lithium brine sampling program across the lease position, targeting several reservoir intervals prospective for lithium”
Mandrake has already laid the preparatory foundations for an extensive lithium brine sampling program across the lease position, targeting several reservoir intervals prospective for lithium. The sampling and evaluation phase is designed to facilitate the generation of a maiden lithium resource estimate which in turn will be a value driver for the company on multiple fronts.”
Mandrake Resources is a lithium exploration company focused on the Utah Lithium Project, located in the Paradox Basin in southeast Utah. The project hosts hypersaline brines historically documented to contain ‘significant’ concentrations of lithium, potassium salts, bromine, boron, and other elements.
Along with the Utah Project, Mandrake also holds the Jimperding Nickel-Copper-Platinum Group Element, and Berinka Pine Creek Gold projects in the Northern Territory.
Images: Mandrake Resources Ltd
