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Mineral Commodities to explore for lithium, other minerals in Western Australia

Mineral Commodities Ltd. seeks to explore for lithium, copper, gold and channel iron deposits in Western Australia as part of its commodity diversification program, according to a Dec. 13 release.

The company filed four exploration license applications for the lithium-prospective Yandeyarra prospect, which covers 876 square kilometers and is located 20 kilometers southwest from Mineral Resources Ltd.'s Wodgina lithium mine.

Mineral Commodities also lodged applications for the copper-gold prospective Cave Hill prospect and the Glen Florrie channel iron deposits.

Meanwhile, the company secured an option to earn up to a 90% interest in the Doolgunna gold-copper prospect from private individuals in exchange for a A$40,000 payment to recover previous expenditures on the asset.

Mineral Commodities is required to undertake all exploration work, including drilling up to eight exploration holes within a two-year period. The company may withdraw from the earn-in period at any time by giving a 30-day notice. The private individuals will maintain a 10% free carried interest until a decision to mine or may opt to convert to 1% net smelter royalty.

In September, the company secured the right to acquire the Munglinup graphite project, also in Western Australia, in three phases.