Trek Metals (ASX:TKM) has secured a nine-month option to acquire 100% of Solution Mining and its Matrix Manganese Project in Arizona, US, for a total consideration of US$200,000 ($277,085).
Located in Mohave County, Matrix comprises 154 unpatented lode mining claims covering approximately 12km².
Under the terms of the transaction, the company will pay US$50,000 upfront for the exclusive rights, with an additional US$150,000 payable upon exercise.
Chairman Andrew Reece says the transaction reflects the board’s “disciplined, capital-efficient” approach to portfolio growth.
“Manganese is a critical mineral for which the United States is currently 100% reliant on imports, creating a strong strategic backdrop for new domestic supply,” Reece says.
“Matrix is a natural, low-risk complement to Trek’s existing portfolio. It provides additional exposure to manganese alongside our flagship Christmas Creek Project in WA, while importantly giving us an exploration asset that can be advanced during the northern Australian wet season.”
According to Trek, demand for manganese is underpinned by the fast-growing market for high-purity manganese sulphate used in domestic lithium-ion supply chains.
Matrix sits within a manganese-mineralised province first identified in the 1880s and previously studied by the US Bureau of Mines through the 1980s and ‘90s.
Historical test work indicates the sandstone-hosted mineralisation could suit a low-impact in situ recovery (ISR) operation, comparable to the Florence ISR copper operation that recently advanced to a final investment decision in the same region.
In 2024, the Fraser Institute also cited Arizona as amongst the most attractive mining investment jurisdictions globally, bolstered by federal critical minerals policy support via the Inflation Reduction Act and FAST-41 permitting.
Trek plans to conduct initial exploration work during the option period before deciding whether to complete the acquisition.
Trek Metals is a mineral explorer targeting critical battery metals, gold, and uranium, with a focus on frontier locations within tier-one mining jurisdictions in Australia.
Write to Paula Fabe at Mining.com.au
Images: Trek Metals
