The Gem pegmatite is part of Marindi’s dominant position in the world-class Forrestania lithium province with applications lodged for 850 square kilometres of tenements.
Importantly, recent drilling at the Gem pegmatite returned a high grade lithium intersection of 33 metres at 3.2% lithium (including 10 metres at 4% lithium).
The granted mining lease covers several lithium-caesium-tantalum (LCT) pegmatites in the Mt Hope area, which was mined historically for tantalum, tin and semi-precious gems in the 1980’s.
The company has paid the vendors $50,000 in cash and a further $100,000 in shares. The option allows the company to earn a 51% interest by spending $300,000 within an 18-month period.
Marindi is expected to meet this expenditure milestone during the current drilling program.
The company may then earn up to a 70% interest by spending a further $150,000 (total expenditure $450,000 within a 3-year period).
The previously announced drill program for early February has been delayed due to heavy rainfall and is now anticipated to commence within the next week.
Marindi’s share price increased by 9% on Thursday, closing at $0.024.