MinRex eyes a pot of lithium with option to acquire Irish project
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MinRex has cast its net overseas and secured an exclusive option to acquire the Tancred lithium project in Ireland’s Leinster lithium-caesium-tantalum pegmatite belt.
Tancred consists of four granted exploration licences covering 249km2 with a strike length of about 20km and was identified as an area of anomalous geochemistry from regional rock and stream sediment datasets.
It is situated along a pegmatite bearing shear-zone (the East Carlow Deformation Zone), with the prospective fringe/tops of S-type granite batholiths intruded into Lower Ordovician Metasediments.
Active exploration is underway at the belt with Ganfeng Lithium exploring to the northeast at Aclare and Moylisha while Global Battery Metals is exploring within 1km of Tancred’s eastern border at the Coolyhune project.
MinRex Resources’ (ASX:MRR) technical team is currently on the ground with geoscientists from the vendor Tancred Company carrying out geochemical sampling and field work to assess the project viability and assess drill targets.
Managing director George Karageorge said the company continues to undertake a global search for early-stage lithium exploration projects and that it was pleased to have secured the rights for Tancred.
“This transaction extends MinRex’s business of lithium discovery and pursuit of exploration projects with the potential for large scale battery metals discoveries. Utilising our expertise and strong funding to strategically assess lithium projects with potential for new discoveries,” he added.
MinRex noted that the regional East Carlow Deformation Zone, which crosses the property, is clearly related to lithium pegmatite emplacement in Leinster and also controls the emplacement of Devonian Granites.
Lithium pegmatites may be a later stage fractionation product of Devonian Granites or related to de-hydration reactions of aluminosilicate minerals within the shear zone during orogeny.
Additionally, the project is along strike from Global Battery Metals’ nearby Knockeen prospect where soil anomalies coincide with float samples of up to 3.75% lithium and where a 10-hole drill program is currently underway.
Karageorge is stepping down as the company’s managing director but will continue to provide his experience and leadership to the company as its non-executive chairman.
The company has appointed veteran resources executive Robert Boston as its new managing director with effect from 16 June 2023.
Boston has held positions in legal, business development, strategy, marketing and commercial roles within BHP Billiton, Rio Tinto and Poseidon Nickel.
He is currently the non-executive chairman of Peak Minerals and Regener8 Resources.
“We are very pleased and excited to have Robert join MinRex, his extensive commercial experience and corporate knowledge will strengthen the board’s capabilities and skill set at this important stage of the company’s development,” Karageorge noted.
This article was developed in collaboration with MinRex Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.