MPJ expands lithium portfolio
Mining Projects Group (ASX:MPJ) has cemented its strategic position as a lithium hotspot via the acquisition of the Wodgina East Project.
The Wodgina East Project is well positioned in the heart of one of the world’s most significant emerging mining centres for lithium and tantalum.
It is located adjacent to Global Advanced Metals’ Wodgina Tantalum Mine, one of the world’s largest hard rock tantalum resources, and is just 17km from Pilbara Minerals’ world-class Pilgangoora Lithium Project.
The acquisition strengthens MPJ’s position further after it recently acquired Pilbara Gold lithium Project, which abuts Pilbara Minerals’ Pilgangoora Project, which reportedly has a resource of 80.2Mt grading 1.26% Li2O. It also contains a number of high priority lithium pegmatite targets defined by recent radiometric surveys.
The Wodgina East tenement is close to vital infrastructure and is traversed by the Great Northern Highway which connects the project with Port Hedland.
Previous mapping of the area conducted by Atlas Iron found extensive pegmatite swarms on the project tenements extending over strike length of 4km. Recent rock chip sampling confirmed the lithium bearing nature of the pegmatites.
MPJ Managing Director Josh Wellish said of the acquisition, “This region is rapidly emerging as a major new global mining centre for lithium-spodumene concentrates, with several world-class deposits already identified and the potential for more discoveries to come.
“Ongoing project evaluation, including compilation of all available geoscientific data sets, detailed mapping, sampling and mineralogical investigations is already in progress and we are looking forward to the start of ground-based exploration activities.”
MPJ will issue 40 million shares on signing the deal and will issue a further 20 million shares once the tenement area is granted and completion takes place.
Milestone shares will also be on offer.