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.
