Plymouth Minerals Ltd. said Oct. 11 that it completed the first stage of a 2016 agreement to earn up to a 75% interest in the historical San Jose lithium-tin project in Spain from Saycr Vallehormoso SA unit Valoriza Mineria SLU.
The company, which earned a 50% interest in the property by spending €1.5 million on technical work during the first stage, can choose to increase its stake to 75% by completing a feasibility study and spending at least €2.5 million within three years.
Plymouth also reported that Valoriza lodged a mining license application for the San Jose project following Plymouth's completion of the technical work to support the application process.
The application includes data on resources, optimizations, processing, treatment, production and project economics, which Plymouth is incorporating into a scoping study expected to be released shortly.
In May, Valoriza was awarded tenure surrounding the San Jose property to provide space for infrastructure, including a proposed lithium carbonate processing facility.