By Business Review
Canadian-listed firm Li3 Lithium has announced that it has increased its interest in the Mutare Lithium Project in Zimbabwe, to 50 percent from 25 percent, showing increased importance of the fast growing lithium sector in Zimbabwe.
The company will soon embark on exploration.
The company recently acquired the remaining 50 percent of Li3 Resources Inc. that it did not own for US$200,000, thereby increasing its interest in Li3 Resources to 100 percent.
Li3 Resources in turn owns a 50 percent interest in the Mutare Project with Premier Africa Minerals owning the remaining 50 percent.
In conjunction with this increase in project ownership to 50 percent, the Company has assumed operatorship of the Mutare Project and taken over management of the exploration programme, a statement from the company said.
The exploration programme includes geological mapping, soil geochemical survey, rock chip sampling and a trenching program to assist in identifying priority targets for a 5,000-metre exploration drilling program, scheduled to start in the upcoming weeks.
François Auclair, CEO of Li3 Lithium, has visited the Mutare Project twice since February and believes that the Mutare Project has excellent potential for large-scale lithium mineralization.
Auclair said: “There are numerous spodumene rich pegmatites visible at surface and the project is adjacent to the large-scale Sabi Star Lithium Mine which recently commenced production.
“Li3 Lithium is confident about the presence of lithium but what remains to be determined are its tonnage, grade and mineralogy. For this reason, we have mobilized a full exploration team. An aggressive exploration program on the Mutare Project is now underway with initial results expected in the coming weeks and months.”