JOHANNESBURG (miningweekly.com) – ASX-listed junior Venturex Resources has agreed to expand the memorandum of understanding (MoU) with TSX-V-listed lithium-focused explorer Macarthur Minerals to include the lithium rights on the company’s Whim Creek tenements.
Venturex Resources announced in May that it had signed an MoU with Macarthur Minerals to enter into a farm-in and joint-venture agreement for the lithium rights at Venturex’s 100%-owned Sulphur Springs copper/zinc project, in Western Australia’s East Pilbara region.
Macarthur would have the right to earn up to 51% of the lithium rights by meeting various spending milestones that would be negotiated.
Venturex announced on Thursday that it had agreed to extend the timeframe for the completion of the due diligence from two months to four months.
As part of the due diligence process, Venturex identified that the ground abutting the main Sulphur Springs mining lease was vacant. The ground covered a continuation of the prospective Sulphur Springs stratigraphy and presented opportunities for repeats of Sulphur Springs-style VMS mineralisation.
Accordingly, the company had pegged a new exploration tenement over this area which had also been included in the MoU with Macarthur Minerals.
Edited by: Mariaan Webb
Creamer Media Senior Deputy Editor Online
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