Australian battery metals explorer MinRex Resources has agreed to acquire the Garden Creek lithium project (E45/5869) in Western Australia from private company True Fella.
A related binding term sheet has been signed between Odette Five, which is to be purchased by MinRex Resources, and True Fella.
Under the agreement, Odette Five will acquire mineral rights to battery metals, tin and rare earth metals on E45/5869.
In exchange, MinRex will pay $15,000 in cash and 3,333,334 of its shares to True Fella. It will also grant a 1% gross overriding royalty on any materials extracted from the project area to the seller.
This project comprises the Garden Creek tin-tantalum alluvial prospect hosted within extensive pegmatites.
The Australian miner called the project a strategic addition to its Sisters and Moolyella North projects, all situated near Global Lithium’s (GL1) Archer lithium-tantalum deposit.
Commenting on the move, MinRex Resources non-executive director George Karageorge said: “The deal now has MinRex sharing tenement boundaries in the East Pilbara world-class battery metal endowment and the rapidly increasing lithium resource at Global Lithium’s Archer deposit (10.1Mt @ Li₂O).”
MinRex expects the acquisition to add to its current position of nearly 890km² of granted exploration licences across 14 projects in Pilbara, Western Australia.
Karageorge added: “Global Lithium has commenced a 60,000m RC drilling programme and will be drilling in close proximity to all of MinRex’s Sisters, Moolyella North and Garden Creek project boundaries.”
“Our team will be on the ground in the next 7-10 days our highly experienced geologists will be flying extensive reconnaissance surveys over the Marble Bar and Hillside projects.”
With no modern exploration for lithium, the Garden Creek, Sisters and Moolyella North projects cover a total area of 70km².
Last year, MinRex signed deals with Abeh and Maxwell Strindberg to acquire four exploration licences, as well as mineral rights to three exploration licences in Pilbara.