Lepidico has signed a Binding Term Sheet with Maximus Resources Limited (ASX:MXR)(“Maximus”) under which Lepidico can earn a 75% interest in Maximus’s lithium rights in the Spargoville Project, located 70 km south of Kalgoorlie in Western Australia.
The lithium rights are known as the Moriarty Lithium Project.
The Moriarty Lithium Project is some 70 km2 in area, covering approximately 15 km of strike of mafic-ultramafic rocks of the Norseman-Wiluna greenstone belt, situated 20 km SW of the mining town of Kambalda.
Specifically, the project contains several known occurrences of LCT-type pegmatites, including lithium-mica (lepidolite) pegmatites at the Lefroy prospect, from where Maximus reported a 200 m long pegmatite averaging 3.55% Li2O, and a peak value of 4.97% Li2O (MXR ASX announcement dated 23 May 2016).
Maximus reported additional lithium occurrences at the Landor and Larkinville prospects, while mapping by the Geological Survey of WA showed the presence of pegmatites within the project area that were considered similar to the pegmatites hosting the Mt Marion lithium deposit.
The presence of notable lithium micas within the Moriarty pegmatites gives rise to the potential for lithium mica resources that would be ideally suited for processing with the Company’s proprietary L-Max® technology.
Field work at Moriarty commenced in September 2017 with the aim to delineate targets of sufficient size and scope to warrant drilling.
Li-mica (lepidolite) in pegmatite from the Lefroy prospect. Samples grade 3.14% Li2O (Left pic LFR014) and 3.55% Li2O (Right pic LFR015). From MXR ASX announcement dated 23 May 2016.
Click to enlarge pic
Moriarty Lithium Project, being the lithium rights held by Maximus Resources over the Spargoville Project (blue, pink and brown tenure). Lepidico is earning 75% of Maximus’s lithium rights.