Third Element Metals
Brazil – 50/50 JV with Crusader Resources
Third Element Metals Pty Ltd (“TEM”) is an incorporated company that is jointly owned by Lepidico and Crusader Resources (ASX:CAS). As part of the formation of TEM, the initial contributions by Lepidico and Crusader were as follows:
- Crusader transferred the rights of the prospective Manga project to TEM
- Lepidico granted TEM the exclusive right to market and acquire L-Max® licences in Brazil
The joint venture with Crusader Resources offers many advantages to Lepidico:
- Expand the potential footprint of L-Max®
- Capitalise on Crusader’s Brazil in-country experience and networks
- Secure a partnership with an experienced mining partner
The Manga project is located in the Goias State, Brazil and was historically explored by Crusader for gold, tin and indium. Historical exploration work includes mapping, soil sampling and a 1,001m RC drilling program.
Previous rock-chip programs conducted by Crusader were assayed for multi-elements, which included some significant Li2O results, despite not being targeted. Li2O grades of up to 1.3% were returned from chips taken from a zinnwaldite-rich greisen zone.
Further to Crusader’s fieldwork, TEM completed a geological technical data review. Academic papers described samples of zinnwaldite greisen taken from the Manga project returning grades of up to 1.8% Li2O.
TEM will continue to assess the potential of Manga as well as seek other lithium opportunities in Brazil in the coming year.
Figure: Historical drilling and rock chip sampling at Manga