Macarthur Minerals (TSXV:MMS) announced that it has applied for five additional exploration licences in the Pilbara region of Western Australia to expand its total tenement area to 1,379 square kilometres.
As quoted in the press release:
The Company continues to expand its acreage and has one of the largest acreages for ‘hard rock’ lithium of any junior exploration company globally and is one of a few TSX-V listed companies to have potential projects for lithium in Australia. The expansion of the Company’s acreage package is consistent with the Company’s focus on exploration of raw materials for the production of lithium batteries.
New Pilbara Tenements
The location of the five new Pilbara exploration licence applications (E46/1133, E45/4747, E45/4748, E45/4749, and E45/4750), which covers an area of 185 square kilometres (45,000 acres), is shown in Figure 1. The applications contain similar geological settings to the Pilgangoora Li-Ta pegmatite deposits, which host the lithium projects of Australian Securities Exchange listed companies, Pilbara Minerals Limited (ASX: PLS) and Altura Mining Limited (ASX: AJM).
The Company’s strategy is to apply for prospective acreage proximate to known lithium occurrences or where there are either, producing lithium mines or lithium mines under development. Consistent with this strategy, the Company has acquired acreage in the Pilbara region where Pilbara Minerals Limited has its Pilgangoora lithium-tantalum project for which it recently raised A$100 million for further development and in the Ravensthorpe region where Galaxy Resources Limited (ASX: GXY) has commenced production for spodumene and tantalum concentrate at its Mt Cattlin project.
Macarthur is currently undertaking a detailed review of all its acreage and plans to commence a Stage 1 helicopter borne reconnaissance program over the Pilbara acreage, which will be undertaken by our senior technical team. Macarthur is currently evaluating its acreage and commencing discussions with various third parties concerning potential joint ventures to maximise the exploration effort throughout 2016. The Company has undertaken an extensive review of geological datasets for available acreage prospective for lithium in Western Australia based on geological attributes referred to above. That review indicates that available acreage in Western Australia having those geological attributes is becoming scarce.
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