PERTH (miningweekly.com) – Junior explorer Crusader Resources has signed a memorandum of understanding (MoU) with Lepidico to establish a joint venture (JV) to hunt for lithium projects in Brazil.
The JV would operate on a 50/50 basis and would have exclusive rights in Brazil to Lepidico’s L-Max technology, which, in addition to lithium, also generates sulphade of potash as a saleable by-product.
Crusader told shareholders this week that the company had identified significant lithium potential from rock chip sampling at its Manga prospect, which would be transferred to the JV.
“Crusader remains focused on its gold and iron assets, specifically the development of the Juruena gold project. The MoU provides the opportunity to partner with Lepidico’s technical team, access their patented L-Max technology and allow the Manga lithium project to be advanced through a JV structure,” said Crusader MD Rob Smakman.
“We are pleased with this collaboration, matching Crusader’s in-country expertise with technical expertise specific to the processing of lithium and potentially potash in Brazil. Future actions of the partnership will seek to maximise the benefit to the shareholders of both JV parties.”
It was intended that the JV would be based in Perth.
The JV remained subject to the execution of formal agreements and conditions precedent, including board approvals.
Meanwhile, ASX-listed Platypus Minerals has welcomed the establishment of the JV, saying it demonstrated the extent of the potential in the lithium sector presented by Lipidico, both through growing its exploration assets as well as through the potential application of its L-Max processing technology.
Platypus earlier this month entered into a one-month exclusivity agreement to investigate the viability of acquiring Lepidico or its assets.
Edited by: Creamer Media Reporter
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