Macarthur Minerals (TSXV:MMS) announced that:
- it has entered into a Memorandum of Understanding (“MOU”) with Venturex Resources Limited (“VXR”) to enter into a Farm-in and Joint Venture Agreement (“FJVA”) for rights to lithium on VXR’s Sulphur Springs Project (“Suphur Springs”), in the Pilbara region of Western Australia, which is contiguous with some of the Company’s Exploration Licence Applications.
- if pegmatite-hosted lithium mineralisation is identified at Sulphur Springs, it will allow for exploration and drilling for lithium to be fast tracked on that acreage, as the majority of the Sulphur Springs acreage comprises granted Mining Leases.
- assay results from the initial heliborne reconnaissance sampling of pegmatites is encouraging and confirms the presence of moderately to strongly fractionated rare element pegmatites within three of the Company’s Exploration Licence Applications. These results are positive, support the Company’s exploration targeting model, and justify ongoing assessment of the project tenements.
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