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MinRex Resources Limited has extended its exclusive option to purchase the Tancred Lithium Project in Southeast Ireland for three more months to allow for assay results of collected samples and completion of technical review on lithium prospectivity.
The key terms of the extended transaction include an option extension fee of $10,000, exclusive rights for due diligence during the option period, cash payment or share issue of AUD$200,000, unlisted options, performance shares, and completion of a Bankable Feasibility Study or asset sale.
MinRex is currently exploring potential partnerships with other lithium explorers over the mineral belt as they complete due diligence on the Tancred Lithium Project.
MinRex Resources Limited completed and announced assay results from stage 1 reconnaissance RC drilling programs at Sisters, Talga-Moolyella, and Tambourah North Lithium Projects.
Lithium mineralization at low, sub-economic grades was intersected at all three projects, with notable results requiring further investigation on pegmatites at surface and undercover.
MinRex will deploy new geophysical technology and high-level structural mapping over anomalous drilling results to identify mineralization at depth and pegmatites undercover to determine new targets within and outside of the reconnaissance drilling areas.