MAN gearing up for sampling programs at its US lithium project
Our US based lithium Investment Mandrake Resources’ (ASX: MAN) project just got bigger.
MAN’s project is in the Paradox Basin in Utah, USA — the ‘lithium four corners’ — the same region as $232M-capped ASX-listed lithium developer Anson Resources.
The project now covers 88,096 acres (~358km2), an almost 60% increase on the initial project area first announced back in February.
The importance of having a larger project area is that a bigger landholding could ultimately translate into a larger lithium exploration target.
MAN expects to have its JORC exploration target announced by the end of this quarter.
What’s next for MAN?
Maiden exploration target 🔄
With MAN confirming today that it will start preparing lithium sampling programs, the company is likely to have leased as much ground as it would have liked before starting exploration.
The focus now shifts to exploration, and we are looking forward to MAN putting out an exploration target for its project before the quarter ends.
Lithium sampling program 🔄
Once the exploration target is confirmed, it will be all about progressing the work needed to convert that exploration target into a maiden JORC resource estimate (e.g. sampling existing wells and potentially drilling a new well).
