Highlights
- The letter of intent is for a large and recently consolidated western USA located lithium brine project
- Sampling at the Liberty Lithium project has returned up to 200 mg/L lithium in brine at surface, with anomaly extending over 10km
- The US federal government and the state government of California are supporting battery minerals projects
Battery minerals explorer QX Resources (ASX:QXR) has informed about entering into a letter of intent (non-binding) for the right to acquire a controlling interest (75%) in a lithium brine project in California, US. The project titled Liberty Lithium covers over 10,000 hectares of contiguous leases in a closed basin, and its appearance is comparable to some of the prominent lithium brine projects in Argentina/ Chile.
QX Resources has a 75-day exclusivity period to perform due diligence and undertake negotiations with respect to terms for the acquisition of 75% of the Liberty Lithium Project.
Source: Company update
Shares gain ~3%
QXR's ASX shares were up 2.9% and traded at AU$0.035 (market cap over AU$30 million) at the time of writing on 16 May 2023.
More to come...