Monax Mining Ltd. said June 5 that it is dropping an option to earn a 90% interest in the Litchfield lithium project in Australia's Northern Territory.
The company signed an agreement in July 2016 to earn a 90% interest in three exploration licenses in the Litchfield region over a two-year period.
Monax said it is withdrawing from the Litchfield agreement in order to focus on its Percyville and Croydon gold projects in Queensland.
The company recently completed geophysical surveys on the Percyville property, with drilling expected to begin within two to three weeks. Geophysical work is planned at Croydon along with data analysis targeting an initial resource estimate.
In addition, the company appointed Ian Gordon to its board as a nonexecutive director, effective June 1.