Twenty Seven Co has advanced its battery metals strategy by securing an option to earn a 100 per cent interest in the highly prospective Mt Edon lithium, caesium and tantalum mining lease in WA’s Mid West region. Twenty Seven Co will initially fund a due diligence work program at the project that will include 500m of RC drilling to a minimum of $140,000 before making a final commitment.
The project vendor, private company Entelechy Resources, has granted Twenty Seven Co a 120-day exclusive right to undertake its due diligence program. During the period, Twenty Seven Co will pay all landholder access fees.
Mt Edon was historically mined for tantalum on the still fully granted mining lease located 5km south of Paynes Find, a former gold rush settlement. Tantalum, or atomic number 73, is commonly found along with the elements caesium and lithium in pegmatites, a course-grained rock that forms in the final stages of cooling magma. Whilst highly sought after for lithium, pegmatites can also be enriched in rubidium and rare earths mineralisation. Consequently, the explorer has widened its prospecting scope.
Numerous pegmatites bearing lithium, caesium and tantalum have been recorded across the project. Previous rock chip sampling identified lithium and caesium-rich zones grading up to 2.2 per cent lithium oxide and up to 550 parts per million caesium.
Twenty Seven Co’s initial RC program is designed to investigate the historical anomalous rock chip samples and is expected to commence this month with all approvals currently in place.
Twenty Seven Co Chief Operating Officer, Simon Phillips said: “TSC has undertaken extensive due diligence over recent months to acquire an advanced battery metals exploration asset for shareholders. The Mt Edon Project is a compelling and high-quality opportunity for TSC that significantly strengthens our existing focus on critical metals exploration to complement our precious metal portfolio.”
Given lithium’s centrality to the electric vehicle revolution and the fact that nearly all of Australia’s lithium is found within WA, securing ground with lithium potential in the western state has become a fierce contest in recent years.
Earlier this month, Twenty Seven Co made further inroads into the lithium space after mining goliath Rio Tinto’s exploration arm muscled into its North Rover project looking for lithium. Rio may earn up to 80 per cent of the non-gold rights within the joint venture, whilst Twenty Seven Co will retain all gold rights.
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By Matt Birney
