SQM will solely fund the exploration activities for three years at the project. Credit: Albert Hyseni on Unsplash.

Tambourah Metals (TMB) has signed an agreement with Sociedad Química y Minera de Chile subsidiary SQM Australia (SQM), whereby the latter is entitled to earn stakes in Julimar Nth projects in Western Australia (WA).

Tambourah CEO Ralf Kriege said: “We are pleased to welcome SQM as a strategic partner in our Julimar Nth project.

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“The new relationship will allow Tambourah to draw upon SQM’s technical expertise in pegmatite-hosted lithium exploration while allowing Tambourah to work in parallel on its other lithium and critical mineral projects.”

According to the earn-in agreements, SQM can earn a 70% interest in the mineral rights across six of the Julimar Nth projects by solely funding A$3m ($2m) of exploration activities over a period of three years.

SQM will also hold the right to exercise its option to form a joint venture with TMB following the earning of the stake.

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Furthermore, SQM will manage exploration and report plans, results and exploration expenditures to TMB.

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In a press statement, TMB said: “This strategic investment by SQM is a strong endorsement of the lithium potential of Tambourah’s Julimar Nth Project and highlights its potential for lithium prospectively.”

SQM will hold the pre-emptive right to acquire TMB’s stake in case the company considers selling.

Located 120km north of Perth, the Julimar Nth project is prospective for hosting Ni-Cu-PGE Gonneville styles of mineralisation within ultramafic rocks of the Julimar Ultramafic Complex.